World Bank lends US$200mil to Nigeria phone firm for tower deal

EXPENSIVE BUSINESS: Construction and maintenance of mobile communications towers in Africa is more expensive than in other regions because of security costs and electricity shortages, while revenue per user is often lower.

DUBAI: The World Bank's private sector arm has lent US$200 million (RM697.21mil) to Nigerian phone tower company IHS to help to fund its purchase of about 2,100 tower sites from the country’s No 4 mobile operator Etisalat Nigeria. 

Privately-owned IHS raised US$2bil (RM6.97bil) in equity and US$600mil (RM2.09bil) in debt in November and the money from the World Bank’s International Finance Corporation (IFC) is part of this.