Telecommunications operator MTN has secured a loan of 65 billion FCFA (over 107 million USD) to upgrade its systems and deploy new technologies, including 5G.
The syndicated loan agreement was signed on Monday, July 29th, at the headquarters of MTN’s local subsidiary in Benin.
The signing ceremony was attended by Uche Ofodile, CEO of MTN Benin, Moustapha Ben Barka, Vice President of the West African Development Bank (BOAD), and Ahmed N’Daw, CEO of Banque Atlantique.
Funding to Improve Customer Experience and Expand Network Coverage
According to the CEO of MTN Benin, the funding will be used to “upgrade systems, improve customer experience, and expand the network, as well as deploy new technologies, including 5G.”
The BOAD contributed 20 billion FCFA to the financing, while Banque Atlantique, the lead arranger of the agreement, provided 30 billion FCFA.
Banque Atlantique also mobilized an additional 15 billion FCFA from Société Générale, Banque Internationale pour l’Industrie et le Commerce (BIIC), and BGFI Bank, among others.
5G to Drive Innovation and Job Creation in Benin
The CEO of Banque Atlantique expressed pride in “contributing, through this financing, to the acceleration of Benin’s digital transformation, the creation of new economic opportunities, and the strengthening of the country’s position on the international stage.”
He believes that 5G will “stimulate innovation and job creation in many sectors of activity.”
BOAD Reaffirms Commitment to Supporting Private Investment
The BOAD welcomed MTN Benin’s project. “With this project, which is in line with our Djoliba Strategic Plan [a program aimed at increasing financing capacity in the region between 2021 and 2025], BOAD reaffirms its commitment to supporting the promotion and financing of private productive investments in its member states,” said Moustapha Ben Barka.
MTN Benin Celebrates 25 Years in Benin
Uche Ofodile expressed her delight at the successful completion of the financing process as the operator celebrates 25 years of operation in Benin.