Celtel Africa

completed

Celtel International B.V. (Celtel or the company) is a holding company that focuses on pan-African cellular operations. Celtel is a long-standing IFC client and was awarded the first IFC Client Leadership Award in 2004 for its commitment to best practice in corporate governance, environmental and social sustainability. The company has over 16 million subscribers covering fourteen countries in Sub-Saharan Africa (Burkina Faso, Chad, Congo Brazzaville, Congo DR, Gabon, Kenya, Madagascar, Malawi, Niger, Nigeria, Sierra Leone, Tanzania, Uganda and Zambia).The project consists primarily of expanding and upgrading well established and fast growing mobile networks in five of Celtel operating subsidiaries. The subsidiaries are located in the Democratic Republic of Congo (DRC), Madagascar, Malawi, Sierra Leone and Uganda. These are post-conflict and frontier countries with low tele-penetration and where there is significant unmet demand and potential growth. The project is also structured to refinance some existing Celtel shareholder loans, the proceed of which will be used to fund capital expenditures in its other subsidiaries in Sub-Saharan Africa, and for acquisitions purposes.