OPIC Backs African Cellular Communications Company with $100m Loan
November 9, 2018
(OPIC)
JOHANNESBURG, SOUTH AFRICA – The Overseas Private Investment Corporation
(OPIC), the U.S. Government’s development finance institution, and Africell
Holdings Limited today signed a commitment letter for $100 million to expand
access to telecommunications in Africa. The project is expected to have a highly
developmental impact particularly in Uganda and the Democratic Republic of the
Congo by expanding the availability and quality of affordable mobile telephone
and internet services in these countries. OPIC Managing Director for Africa
Worku Gachou and Africell Chief Investment Officer Ian Paterson signed the
commitment.
Telecommunications are a critical part of development in emerging markets. This
project seeks to promote better access to and higher usage of both mobile voice
and broadband technologies in its markets by offering high-quality service at
affordable rates.
“Africell‘s success to putting communities at the heart and soul of the
company’s strategy and to management’s focus on operational efficiency to
create value for its customers,” said Africell Founding CEO and Group Chairman
Ziad Dalloul. “It is important to partner with investors who truly understand
our business model, as well as our markets, to structure solutions that support
our growth programs.”
“Telecommunications is now essential to a country's economic development and
competitiveness,” said OPIC President and CEO Ray W. Washburne. “OPIC’s
partnership with Africell highlights our goal of improving communication
infrastructure across the continent by supporting our Connect Africa initiative.
Better connectivity will remove barriers that restrict growth and commerce.”
Earlier this summer, OPIC launched Connect Africa, an initiative aimed at
improving connectivity in Africa by investing $1 billion in physical
infrastructure, technology, and value chains.
The transaction was led and arranged by Lintel Capital UK Advisors LLP, a
London-based firm that specialises in sub-Saharan African investments.
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