Airtel and IFC sign $194 million facility to connect millions of Africans to fast internet

Airtel Africa Plc has announced the signing of a $194 million line of credit with the International Finance Corporation (IFC).

A corporate disclosure seen by Nairametrics said the new financing line aligns with Airtel Africa’s strategy to increase debt within its operating companies.

The facility has an eight-year term and will be used to support the telco’s operations and investments in some of the African markets it operates. The markets are the Democratic Republic of Congo, Kenya, Madagascar, Niger, Republic of Congo and Zambia.

Supports Airtel ESG: Commenting on the development, Airtel Africa CEO Segun Ogunsanya said the $194 million credit facility aligns with the company’s determination to meet its environmental, social and governance (ESG) commitments. He said:

  • “I am very excited to announce the signing of this new facility with IFC. Not only does it align with our focus of improving our balance sheet through debt localization within our OpCos, but as we move on our sustainability journey, it also supports our commitments and ability to meet robust criteria. IS G. I look forward to working closely with IFC in the coming years as we explore new opportunities to support the economies and communities where we operate.”

IFC Vice President for Africa Sérgio Pimenta also commented on the agreement, saying it will help more people connect to affordable high-speed Internet. He said:

The news continues after this announcement.

  • “The COVID-19 pandemic has made mobile connectivity even more urgent for social and economic development. Helping more people connect to fast, affordable Internet networks is a priority for IFC in Africa, especially in low-income countries on the continent. The partnership with Airtel Africa will help achieve this.”

Airtel’s ESG commitments: Airtel Africa said it has committed to meeting the applicable requirements of the IFC Performance Standards on Environmental and Social Sustainability and has put in place a dedicated Environmental and Social Action Plan.

  • The development is expected to further support the Group’s commitment to transform lives in the communities in which Airtel operates and provide clarity on how the Group can help address inequality and support economic growth in these communities.
  • Airtel Africa’s Sustainability Strategy was launched in October 2021 and set out the Group’s ambitious sustainability targets and long-term goals. It is supported by a four-pillar framework of sustainability: our business, our people, our community and our environment.
  • According to the Group, its sustainability objectives are aligned with the United Nations Sustainable Development Goals and are designed to generate a real and positive impact.

The news continues after this announcement.

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