One in all Africa’s largest telecom teams Airtel Group simply announced the signing of a $125 million revolving credit score facility with funding banking group Citigroup Inc by way of its department places of work/subsidiaries in sub-Saharan Africa.
What does Airtel want the cash for?
Airtel says the credit score facility aligns with its plan to boost debt in its native working firms. The power will embrace each native forex and US dollar-denominated debt and shall be used to finance Airtel’s operations and investments in 4 of its subsidiaries.
“This facility offers potential rate of interest financial savings in trade for reaching social influence milestones referring to digital inclusion and gender range, with a concentrate on rural areas and girls, and aligning with the [Airtel’s] sustainability strategy,” the corporate mentioned in a press launch.
The credit score facility will expire in September 2024.
This information comes 15 months after the group announced that it had signed a $500 million mortgage facility with Citibank and different banks like Financial institution of America, BNP Paribas, HSBC, J.P. Morgan, Customary Chartered Financial institution, Axis Financial institution and Kotak Mahindra Financial institution.