IFC raised $160Mn loan for Zain’s network expansion in Ghana

www.WirelessFederation.com/news: The World Bank’s private sector lender, International Financial Corp. (IFC), reportedly unveiled that it has raised a $90 million loan and raised another $70 million commercially to help the Middle East and African mobile operator, Zain for its network expansion in Ghana.
IFC said the syndicated portion of the loan was oversubscribed by 30 percent and the remainder provided by Cordiant Capital, the Emerging Africa Infrastructure Fund Limited, FirstRand Bank, and the Netherlands Development Finance Company.
“Our subscriber base in Ghana already exceeded one million and this investment will enable us to scale up our operations and provide affordable and reliable communications services to a much larger part of the population,” said Philip Sowah, Zain’s country manager in Ghana.