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Mobile communications firm MTN Group has announced that subsidiary MTN Nigeria Communications Ltd has secured a medium-term limited-recourse financing facility of US$395mn to fund its operations and further network roll-out.

This amount includes a US$50mn standby facility provided by the International Finance Corporation (IFC).

The finance consists of a naira-denominated commercial paper facility of US$250mn equivalent, which is fully subscribed by 15 Nigerian financial institutions led by Nigeria International Bank and Stanbic Bank Nigeria, and a further US$145mn provided by several international institutions including the above mentioned standby facility.

The naira funding of the medium-term finance replaces the existing short-term naira equivalent of US$170mn commercial paper facility raised in January 2002.