- The funding has a tenor period of eight years.
- Kenya, DRC, Madagascar, Niger, Republic of Congo and Zambia will benefit.
Airtel's six Africa subsidiaries have received a $194 million (Sh23.8billion) loan for internet and connectivity expansion.
The eight-year loan will see funds directed towards operations and investments in Kenya, Democratic Republic of Congo, Madagascar, Niger, Republic of Congo and Zambia.
The funding also seeks to prop up universal and affordable broadband access in Africa, and the opportunities that come with increased connectivity.
According to GSMA, the organisation that represents the interests of mobile network operators worldwide, only 28 percent of sub-Sahara Africa's population had access to mobile services as at the end of 2021.
It further estimates that by 2025, the economic value added by mobile technology and services is expected to reach almost $155 billion (Sh19 trillion) annually.
Kenya is known for its vibrant internet penetration in East Africa.
Data from the Communications Authority of Kenya (CA) puts the country's internet penetration rate at 42 per cent as of January this year.
The total number of data and internet subscriptions increased to almost 44.8 million in September 2021 from 43 million in the same period the previous year.
Airtel Africa CEO Segun Ogunsanya said the deal aligns with their focus on improving the balance sheet through localising debt within Africa’s operating companies.
“This will also support our commitment and our ability to meet the Environmental, social, and governance (ESG) criteria in demonstrating the continued execution of our sustainability journey,” Ogunsanya said.
IFC Vice President for Africa Sérgio Pimenta said the Covid-19 pandemic made mobile connectivity even more urgent for both social and economic development.
He said the lender will commit to help more people connect to affordable and fast internet networks in Africa, especially in the continent's lower-income countries.