Airtel Africa Signs $125m Revolving Credit Facility with Citi

Airtel Africa, a leading provider of telecommunications and mobile money services, has signed a $125m revolving credit facility with Citi through its branch offices and subsidiaries in sub-Saharan Africa, it announced on Wednesday.

Airtel Africa, with a presence in 14 countries across Africa, said the facility is in line with its strategy to raise debt in its local operating companies and will include both local currency and US dollar-denominated debt.

“The facility has a tenor up to September 2024 and will be used to support Airtel Africa’s operations and investments in four of its subsidiaries,” it said in a statement filed with the Nigerian Exchange Limited.

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 aligns with the group’s sustainability strategy launched in October 2021, the telecom giant explained.

This is its first sustainability-linked loan facility, the company said, but did not disclose the interest cost of the amount.

“Our sustainability strategy has four focused pillars—each with specific and measurable goals or commitments. It is designed to reduce as well as mitigate our impact on the environment and to support communities through digital access.

“We believe that this will help to develop a sustainable future for individuals, families, communities and businesses across Africa,” Olusegun Ogunsanya, CEO of Airtel Africa, said in the launch document.