Airtel Africa ready to raise $194 million

Bharti Airtel’s Africa unit aims to borrow $194 million from the International Finance Corporation (IFC), the World Bank’s private-sector lending arm, to support capital expenditures and refinance current loans.

The debt financing package for Airtel Africa Plc will include a direct $150 million investment from the International Finance Corporation (IFC) in Washington, as well as an additional $44 million in mobilization from the IFC’s Managed Co-Lending Portfolio Program (MCPP).

The proposed investment, according to the IFC’s website, will support Airtel Africa’s network investment across seven subsidiaries as well as refinance its current debts.

“IFC will support the (Airtel Africa) project with a debt package of up to $150 million from its account and up to $44 million in mobilisation from MCPP funds,” the World Bank’s private sector arm said.