IHS Zambia COVID

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 IHS Holding (IHS or the “Company”), an existing IFC client, is the largest independent, carrier-neutral tower company in Africa (both in terms of tower count and also revenues), with market leader positions in Nigeria, Cameroon, Cote d’Ivoire, Rwanda, Zambia, and recently expanded operations into Brazil, Colombia, Peru and Kuwait. Since 2011, IFC committed equity investments in IHS Holding in a series of investments totaling US$124 million (original Board Report IFC/R2010-0361). The total proposed financing of up to US$95 million is in the form of an IFC senior secured A loan of up to US$75 million and also a parallel loan of up to US$20 million (to be mobilized by IFC) to IHS Zambia, a company’s subsidiary. IHS Group will provide a full corporate guarantee for the proposed loan. The loan would be used to refinance the existing shorter-term loans and will free up Zambian cash flow to focus on increased expenditures due to COVID-19, as well as it will allow IHS Zambia to implement the previously committed capital expenditure plan (the “Project”). The investment is processed under IFC’s COVID-19 RSE investment facility.