Vodafone Ghana financing deal agreed

Vodafone Ghana financing deal agreed

Vodafone Ghana has won a US$115mn facility from development and commercial banks, including a significant package from Chinese institutions.

The debt package includes US$82mn in syndicated and parallel loans from the Export-Import Bank of China, China Development Bank and Germany’s DEG.

A total of US$33mn in B loans was provided by Barclays, Ecobank, Rand Merchant Bank and Standard Bank.

The IFC acted as the lead arranger and will serve as the administrative agent for the project.

Vodafone is focussing its efforts on improving internet services for Ghanaian businesses. The firm also continues its commitment to improving mobile phone coverage in rural and remote areas, it says.

IFC director of syndicated loans and management, Ritva Laukkanen says: “The completion of IFC’s first syndication with Chinese financial institutions in Africa is an important milestone.”

She adds: “This mobilisation demonstrates the growing appetite from commercial banks and development finance institutions to support companies, like Vodafone Ghana, that are building the infrastructure needed for long-term economic growth in Africa.”