Airtel Africa has secured a $125 million revolving loan facility from Citibank through its branch subsidiaries in sub-Saharan Africa.
Airtel Africa’s Group Company Secretary, Simon O’Hara made this known in a corporate filing on the Nigerian Exchange Limited (NGX).
The company is a leading provider of telecommunications and mobile money services with a presence in 14 countries across Africa.
A revolving loan facility is a form of a credit issued by a financial institution that provides the borrower with the ability to draw down or withdraw, repay, and withdraw again.
The loan facility will be used to support Airtel Africa’s operations and investments in four of its subsidiaries.
The company said, “This facility is in line with our strategy to raise debt in our local operating companies and will include both local currency and US dollar-denominated debt. The facility has a tenor up to September 2024.”
The facility provides potential interest rate savings in exchange for achieving social impact milestones relating to digital inclusion and gender diversity, with a focus on rural areas and women, and aligning with the Group’s sustainability strategy launched in October 2021.
The facility further strengthens the Group’s commitment to transforming lives across the communities in which it operates.
