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With operations in 14 different African nations, Airtel Africa is one of the biggest telecom companies on the continent. Today, it announced the signing of a $125 million revolving credit facility with Citi through its sub-Saharan African branch offices and subsidiaries.
Airtel Africa’s operations
The telecom claims that this facility, which will comprise both local currency debt and debt denominated in US dollars, is consistent with its goal to raise debt in its 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.
In exchange for fulfilling social impact goals related to digital inclusion and gender diversity, with an emphasis on rural areas and women, and complying with the Group’s sustainability strategy, released in October 2021, according to Airtel Africa, the facility offers possible interest rate reductions.
For $40 million, Airtel Kenya purchases an additional spectrum
According to a statement made public last month, Airtel Kenya has paid the Communications Authority of Kenya $40 million in total to acquire 60 MHz of extra spectrum in the 2600 MHz band.
The existing spectrum license is good for 15 years starting in July 2022.
The company stated in the announcement that the additional spectrum would support the market’s 4G network capacity expansion for mobile data and fixed wireless home broadband capability as well as enable future 5G rollout, offering the significant capacity to support the nation’s ongoing strong data growth.
According to revenue, one of Airtel’s major markets is Kenya. The business claims that this new investment demonstrates its sustained faith in the Kenyan market’s potential and its desire to continue assisting local people and economies by promoting digital inclusivity and connection.