IFC pledges $150m to Nigerian telecommunications

8 February 2010

The International Finance Corporation (IFC), which is a member of the World Bank Group, has announced it is to make a donation to improve Nigerian telecommunications.

Some $150 million (£96 million) has been pledged in syndicated loans in a move to support Helios Towers Nigeria (HTN).

This will go towards an initiative worth $250 million in total and aims to give better quality and more affordable telecommunications to the country.

"By promoting Nigeria's access to mobile infrastructure through HTN's network, IFC seeks to strengthen the country's efforts to better serve its consumers and businesses," said IFC director for global information and communication technologies Mohsen Khalil.

More than half of the money is from loans syndicated to the African Development Bank.

HTN aims to create 2,000 shared tower communication sites across Nigeria and offer more economical and affordable options to wireless operators.

According to the company, it currently has more than 1,000 sites in prime locations across the country.