IFC invested $1.2 billion in Africa over the last decade
16 June 2011
Over the past decade, the International Finance Corporation (IFC) has invested $1.2 billion (£744.8 million) in some 42 mobile phone projects across Africa.
The firm explained that the projects have taken place across 15 different nations on the continent, Business Day reports.
IFC's investment focus in Africa’s telecommunication sector is aimed at improving the availability and reliability of affordable communications services, as well as supporting the adoption of new communication technologies.
Ritva Laukkanen, the firm's director of Syndicated Loans and Management, said: "This mobilisation demonstrates the growing appetite from commercial banks and development finance institutions to support companies that are building the infrastructure needed for long-term economic growth in Africa."
Among the initiatives financed by the organisation was a $115 million package for Vodafone Ghana from Chinese, German, and African institutions to help the company enhance its network and promote the benefits of mobile phone and internet services.
Meanwhile, SES recently announced its plans to invest hundreds of millions of dollars in satellite infrastructure in Africa.