Airtel Group, one of Africa’s largest telecommunications groups, recently announced the signing of a $125 m revolving credit facility with investment banking group Citigroup Inc through its subsidiaries in sub-Saharan Africa.
The credit line, according to Airtel, follows its plan to increase debt at its local operating companies.
It will include debt in local currency and US dollars and will be used to finance Airtel’s operations as well as investments in four of its subsidiaries.
“This facility offers potential interest rate savings in exchange for meeting social impact milestones related to digital inclusion and gender diversity, with a focus on rural areas and women, and aligning with the sustainability strategy,” the company said in a press release.
The credit line will end in September 2024.
This announcement comes 15 months after the group announced a $500 million loan application to Citibank and other banks, including Bank of America, BNP Paribas, HSBC, J.P. Morgan, Standard Chartered Bank, Axis Bank and Kotak Mahindra Bank.
16/08/2022
