Airtel Africa, a leading telecom service provider in the African continent with a presence in 14 countries, has announced a $125 million credit pact with Citi. It is a revolving credit pact that will stay in place until September 2024. Airtel Africa has made this strategic announcement in line with the company's goal of raising debt for its local operating companies. The credit will include both local currency and US dollar-denominated debt. Airtel Africa will utilise this credit to support investments in its four subsidiaries and also boost operations.
Airtel Africa said that this facility would provide the company with potential interest rate savings in exchange for achieving social impact milestones. The company wants to transform the lives of the communities where it operates. Airtel Africa would be able to fuel its sustainability strategy as well with this money.
