Airtel Africa, a telecommunications company, and Citibank have agreed to a revolving credit facility of $125 million for their respective branch offices and subsidiaries in sub-Saharan Africa.
This information is provided in a statement titled, “Airtel Africa’s First Sustainability-Linked Loan Facility,” which was signed by Simon O’Hara, Group Company Secretary.
According to the statement, the facility will comprise loans denominated in both local currency and US dollars and is consistent with the company’s strategy to issue financing through its local operating entities.
The telecom company has operations in 14 African nations, mostly in East, Central, and West Africa. Bharti Airtel, an Indian provider of communication services, owns a majority stake in Airtel Africa.
The Guardian’s research revealed that Airtel Africa’s total customer base climbed to 131.6 million, up 8.9 percent, with greater penetration across mobile data (customer base up 9.7 percent) and mobile money services, with 58.1 million subscribers in Nigeria and 28.2 percent market penetration (customer base up 19.7 per cent).
the signing of a $125 million revolving credit facility with Citi through its branch offices/subsidiaries in sub-Saharan Africa. Airtel Africa is a significant provider of telecommunications and mobile money services, having a presence in 14 countries across Africa.
This facility, which will comprise both local currency debt and debt denominated in US dollars, is in keeping with our goal to issue debt in our local operating firms. The facility will be used to support Airtel Africa’s operations and investments in four of its subsidiaries. Its term is up in September 2024.