Africell receives funding to strengthen services in Africa

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1823

A Africell, the company that won the tender for the fourth mobile operator in Angola, received additional funding of US$105 million with a view to strengthening its operations in Africa.

In a statement, the operator reveals that this loan joins another 100 million dollars provided by Development Finance Corporation (DFC), a US Government entity, in 2019 and renegotiated last May. Together, these two loans aim to support Africell's growth plans in Africa, namely the start of operations in Angola, scheduled for the end of this year, and to make its long-term strategy sustainable.Africell President and CEO Ziad Dalloul reveals that the loan represents a renewed long-term “commitment” by the company to a group of strategic international financial partners. The manager said that the consortium is made up of world-renowned financial institutions with a relevant track record of investing in emerging markets.

“Some are regular Africell partners, others are supporting us for the first time, which demonstrates the strength of our operations. With this loan, our Group guarantees its long-term strategy for Africa, namely the growth of our operations and the achievement of the commercial objectives we have set for each of the markets in which we are already present. The operation in Angola, which we hope to start before the end of 2021, will also benefit from the financing now granted to the Africell Group”, he says.

On the other hand, the CEO of Gemcorp, Atanas Bostandjiev, underlines that “Gemcorp is pleased to have contributed to the financing of Africell's operations in Africa, especially as it materializes at a crucial moment in its history. This is the third financing we have awarded to Africell ".

Africell won the international public tender for the fourth universal mobile communications license in Angola, launched by the Government with the aim of reforming the sector and contributing to the further development of its economy.

In Africa, Africell has more than 12 million customers in countries such as Sierra Leone, Uganda, Democratic Republic of Congo and Gambia.

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