Africa Finance Corporation approves $230 mln loan for Nigeria's 9mobile
LAGOS, Aug 25 (Reuters) - The Africa Finance Corporation has
approved a $230 million loan for Nigerian telecom company
9mobile, the firm said on Sunday.
The money will be used to honour existing debts, finance its
costs and invest in growth, a 9mobile statement said.
9mobile, formerly called Etisalat Nigeria, is the country’s
fourth-biggest telecoms operator and was operated by Abu
Dhabi-based telecoms firm Etisalat until the local
company defaulted on its debt, forcing lenders to step in to
find new investors.
Competition in Nigeria's mobile telecoms market is intense,
with the biggest operator, MTN, expanding its service through
partnerships with banks.
(Reporting by Chijioke Ohuocha; Writing by Paul Carsten,
Editing by William Maclean)
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