Airtel Africa is one of the largest telecommunications groups in Africa. It has offices in 14 countries. Citi, through its branch offices and subsidiaries in sub-Saharan Africa, signed a $125 million revolving credit facility with the company today.
This facility, which will contain debt denominated in both the local currency and US dollars, is the telecom’s goal to raise debt in its local operating companies, as stated by the telecom, and will include both.
This facility will be utilized to provide assistance for Airtel Africa’s operations as well as investments in four of its subsidiaries. The tenor for this facility is up to September 2024.
Airtel says that the facility could save them money on interest rates if they meet certain goals for social impact related to digital inclusion and gender diversity, with a particular emphasis on rural areas and women, and in a manner that is congruent with the Group’s sustainability plan, which was introduced in October of 2021.
Airtel Kenya Buys Addition Spectrum for $ 40 million.
According to an announcement made public the previous month, Airtel Kenya has acquired an additional 60 MHz spectrum in the 2600 MHz band from the Communications Authority of Kenya for a total price of $40 million.
The existing spectrum license will continue to be valid beginning in July 2022 for a total of 15 years.
With this extra spectrum, we will be able to expand the capacity of our 4G network in the market to accommodate mobile data and fixed wireless home internet capabilities. The company stated in the release that this will “enable future 5G rollout” and “provide additional capacity to handle our sustained robust data growth in the country.”
Kenya is one of the most lucrative markets for Airtel in terms of revenue. According to the corporation, the continuous trust it has in the potential offered by the Kenyan market is reflected in this latest investment. And its wishes to continue supporting local communities and economies through furthering digital inclusion and connectivity.