The International Finance Corporation (IFC) revealed that it will invest USD 35 million in telecom operator Africell. According to the IFC, the investment is intended to support the expansion and upgrade of mobile networks in Gambia, the DRC, Sierra Leone and Uganda.
IFC’s investment is part of a syndicated loan of USD 150 million, arranged by Deutsche Bank and supported by the Public Investment Corporation SOC acting on behalf of Government Employees Pension Fund, Banque Libano Francaise, EcoBank RDC and other investors.
Africell is an emerging telecommunications operator, with a customer base in some of Africa’s most challenging markets. Since its launch in 2001, Africell has become the leading mobile network provider in Gambia and in Sierra Leone, and is expanding rapidly in the Democratic Republic of Congo and in Uganda. The new financing will enable Africell to expand its coverage and services.