Airtel Gets Ksh. 24B Loan for Mobile Internet Connectivity Across Africa

Airtel Gets Loan From World Bank to Support Mobile Internet Connectivity Across Africa

Airtel Africa has signed a new Ksh 24B ($194 million) loan with World Bank’s IFC to support operations in Kenya, DR Congo, Madagascar, Niger, the Republic of Congo, and Zambia.

The eight-year financing will be utilized to fund the operations and investments of Airtel Africa.

“I am very excited to announce the signing of this new facility with IFC. Not only does it align with our focus on improving our balance sheet through localizing debt within our operating companies, but as we make progress on our sustainability journey, it also supports our commitments and ability to meet strong environmental, social, and governance (ESG) criteria.” Airtel Africa’s chief executive Segun Ogunsanya said in a statement.

Airtel Gets Loan From World Bank to Support Mobile Internet Connectivity Across Africa

At the end of September 2022, Airtel Africa had 134.7 million subscribers in Africa and recorded an interim revenue rise of 12.9% year over year to $2.57 billion for the six months.

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Less than 50% of people in sub-Saharan Africa had access to mobile services by the end of 2021, and only 28% of people had access to mobile internet, according to data from the telecoms’ association GSMA.

Millions of additional customers to mobile internet in the six nations will be connected thanks to the funding.

This just comes as if Parliament approves a resurrected Bill that imposes a fine for voice service failures, telco providers will reimburse customers up to KES 30 per day for dropped calls.

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