The International Finance Corporation, the private sector arm of the World Bank Group, has announced the signing of a US$40mn loan to Scancom, Ghana, a majority-owned subsidiary of Investcom Holding, the international telecommunications group.
Scancom, providing services under its brand name Spacefon Areeba, is the leading mobile telecommunications operator in Ghana. IFC’s loan will help fund Scancom’s network upgrade and expansion.
In addition to strengthening Scancom’s capital structure, the financing will be used to promote economic development in the country by providing more affordable telecom services to a larger portion of the population. IFC’s investment will also complement the work of the World Bank, which is assisting the government of Ghana to implement pro-investment sector reform and a world-class regulatory environment.