Africa Mobile Networks Limited announced that it has successfully reached a financial close on its US$20 million senior secured loan facility. The new financing package is expected to help deliver long-term benefits and finance the rollout of mobile communications towers in rural and ultra-rural Africa.
BlueOrchard Sustainable Assets Fund (BOSAF) and the OP Finnfund Global Impact Fund I have closed a deal to provide Africa Mobile Networks (AMN) with a $20 million debt investment package for growth. The announcement was made in November 2022, and the financial closure was reached in March 2023.
AMN aims to become the primary rural telecoms provider in Africa, with plans to construct more than 10,000 base stations across 20 sub-Saharan nations, catering to a population exceeding 35 million people. Their portfolio spans several countries, including a substantial presence in Least Developed Countries (LDCs) like DRC, Liberia, Congo and Guinea.
The news follows on from a successful equity investment of US$36 million announced in 2021 from a consortium led by Metier, CDC Group (the UK’s development finance institution and impact investor), DEG (Germany’s development finance institution), Proparco (the private sector arm of the French Development Agency) and other leading financial institutions and investment managers.
