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MTN Ghana secures $276m for 3G network
18 May 2012
Ghanaian mobile operator secures $276m loan for 3G upgrade from four foreign banks and 16 local banks
MTN’s Ghanaian subsidiary has secured a loan of $276 million in order to upgrade the entire network to 3G and beyond, reported Reuters citing Michael Ikpoki, the company’s managing director.
Ikpoki told Reuters that four foreign banks will provide $60 million, while nearly 16 local banks, which are led by Stanbic Bank Ghana, will provide $216 million.
Ikpoki said: “It was a successful syndication — the first of its kind and proof that we do not have to be always looking outside to raise funds for investments.”
MTN had nearly 10 million subscribers in Ghana in January 2012. GTB
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