Africa: Etisalat Nigeria secures US$650M network expansion loan

WorldWideTech & Science. Francisco De Jesús.

Etisalat Nigeria secures US$650M network expansion loan 

Etisalat Nigeria has sealed agreements for a US$650 million syndicated loan with eight local banks to expand its mobile network across Africa's most populous nation.


 "The additional funds will be used to roll out both our 3G and 2G network on a national basis," Etisalat Nigeria CEO Steven Evans said in a statement, reports Reuters. Etisalat said the banks involved were First Bank, Zenith Bank, Access Bank, Fidelity Bank, United Bank for Africa (UBA), Bank PHB, Guaranty Trust Bank and Oceanic Bank.