iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Citi to provide $125 million revolving credit line to Airtel Africa

11 Aug 2022 , 09:23 AM

The American banking giant Citi has agreed to provide a 125 million USD revolving credit to Airtel Africa. The company, which operates in 14 African nations through its telecom and mobile money businesses, said that the facility entails borrowing in both local currencies and US dollars.

The facility will support Airtel Africa’s operations and investments in four of its subsidiaries, the telecom said in a statement. Its term runs until September 2024. According to the statement, it offers interest rate discounts in exchange for reaching social impact milestones related to digital inclusion and gender diversity, with a concentration on rural regions and women.

The credit facility will be made available through Citi’s branch offices or subsidiaries in sub-Saharan Africa, the country where Bharti Airtel, the parent company of Airtel Africa, is based, according to the company. 

“This is the first performance-indicator-based agreement that Citi India has completed in the telecoms sector. Increasing digital inclusiveness and gender diversity is a goal of this sustainability-linked credit facility with Airtel Africa “K Balasubramanian, director of corporate banking for Citi in South Asia, stated.

According to him, the lender is still looking for possibilities in India and other areas, and the Airtel Africa acquisition will help it reach its stated aim of investing USD 1 trillion in sustainable financing by 2030.

Related Tags

  • Africa
  • Airtel
  • business
  • Citi
  • Credit pact
  • Government
  • India
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.