IFC, a member of the World Bank Group, is providing a US $65 million loan and US $10 million in equity to MTN Afghanistan to support the expansion of the company's mobile telephone network. The expansion is aimed in particular at low-income populations.
MTN Afghanistan is part of the South Africa-based MTN Group, and is the second-largest mobile telephone operator in Afghanistan with more than 2.5 million subscribers.
"MTN Group places high importance on its operation in Afghanistan," said James Ramadan, MTN Group's Regional Vice President for Middle East and North Africa. "We have invested significantly in MTN Afghanistan and will continue to do so in the future. IFC is providing long-term funding, which is a great vote of confidence for this frontier market. It will enable us to serve the people of Afghanistan by enhancing network coverage and expanding high-quality services to a greater number of customers."
Mohsen Khalil, IFC Director for Global Information and Communication Technologies, said, "Mobile telecommunications enable access to knowledge and services, innovation across sectors, and more efficiency in the delivery of government and business services. We hope that our investment will encourage other investors to support to support the telecommunications sector, and more broadly, economic development and growth in Afghanistan."
Posted to the site on 22nd June 2009
Posted to: www.cellular-news.com/story/38126.php