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Lagos, Nigeria, December 8, 2014 –
IFC, a member of the World Bank Group, announced a commitment of $200 million to help IHS Nigeria expand its tower portfolio and create mobile phone infrastructure that will improve mobile call service quality for operators and consumers in Nigeria. IFC’s financing is part of a $600m debt package raised by IHS from international and local lenders.
The transaction mobilizes significant resources from other investors, including a large Chinese bank. It includes $50 million for IFC’s own account, $112.5 million from ICBC, the Industrial and Commercial Bank of China, and $37.5 million through the IFC Managed Co-Lending Portfolio Program, a new syndications platform that offers institutional investors the ability to passively participate in IFC’s future senior loan portfolio. ICBC is China’s and the world’s largest bank by assets.
Issam Darwish, CEO and Executive Vice Chairman of IHS Holding Limited, said, “The IHS mission is to provide telecommunications infrastructure to mobile network operators in Africa that enables the widest, most efficient and reliable networks, supporting the economic development of the region. We are constantly developing new, efficient and effective technologies and rolling out passive network to make that happen. Partnering with IFC has helped us access funding from a broader range of sources that will help us pursue our goal of building the infrastructure needed for Nigeria’s long-term growth.”
IHS will use the funds to acquire approximately 2,200 tower sites from Etisalat Nigeria and to construct additional Build-to-Suit towers. The expansion will improve network congestion, reduce operating costs, and increase service coverage for the mobile operators.
Eme Essien-Lore, IFC Nigeria Country Manager said, “IFC’s telecom sector strategy supports increased coverage and access to services across Nigeria. The IHS Nigeria expansion project will contribute to inclusive growth and job creation that promotes growth in Nigeria. With support from ICBC and other lenders, IHS is expanding its lender base for network development and increasing financing between Africa and China. ”
IHS Nigeria is headquartered in Lagos and is a full service telecoms infrastructure company, providing collocation, management and build-to-suit services to Mobile Network Operators and other broadband service providers. The business was founded in 2001.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit
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