Africell Closes USD 105 Mn Loan Facility For Expansion

Africell, a fast-growing mobile network operator in Africa, has secured a USD 105 Mn commercial loan to fund its expansion in the continent. This funding is a syndicate of new and existing lenders to Africell from a leading group of international financial institutions. Gemcorp Capital constructed and anchored the facility, which also included Gramercy Funds Management LLC and TC Credit Partner.

The London-based mobile network operator that provides mobile network coverage and related technological services has over 12 million members in four African countries: Sierra Leone, The Gambia, DR Congo, and Uganda. The company plans to launch its operations in Angola this year.