Airtel Kenya is set to receive an additional KES9.054 billion ($70 million) from the International Finance Corporation (IFC) as part of a funding plan to manage its debts and enhance the telco’s capital investments.

The money is part of a KES25.9 billion ($200 million) credit which was secured from the IFC, the World Bank’s private lending arm, in April last year targeting the telco’s Kenya and Rwanda units. 

In the latest disbursement, Airtel Kenya will be getting KES9.054 billion (US$70 million) while KES3.9 billion will go to the company’s Rwanda business.

In an update, the fresh financing will support network expansion by enhancing the rollout of advanced services such as 4G and 5G, infrastructure upgrades to improve mobile and internet connectivity, and debt refinancing as the telco seeks to strengthen its position in the region.

The capital boost will, therefore, enable Airtel to address persistent issues such as dropped calls, slow internet speeds, and limited rural coverage. 

In 2022, the IFC announced that it will provide six of Airtel Africa's subsidiaries with a mix of local currency and USD loans totaling $194 million to help connect millions of new subscribers to mobile internet.

"The financing facility has a tenor of eight years and will be used to support Airtel Africa's operations and investments in Democratic Republic of Congo, Kenya, Madagascar, Niger, Republic of Congo and Zambia, where the banking landscape and access to local funding remains largely underdeveloped," a communique from the IFC stated in part.

"Helping more people connect to affordable and fast internet networks is a priority for IFC in Africa, especially in the continent's lower-income countries. The partnership with Airtel Africa will help achieve this," added Sérgio Pimenta, IFC Vice President for Africa.

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