Senegal: Telecoms Industry Set To See US$ 170 Million Investment
Senegal’s leading telecommunications company, Sonatel, is expected to receive up to US$170 Million capital injection from fundraising activities conducted by the Private Infrastructure Development Group (PIDG) company, the Emerging Africa Infrastructure Fund (EAIF/the Fund).
According to the report, the capital funding will comprise an initial US$50 million bond issue, with the goal of an eventual US$170 Million raise. Sonatel will deploy the capital to upgrade its service platforms and extend its 4G plus network across the country’s urban and rural areas.
Sekou Drame, the CEO of Sonatel, commenting, said that: “We are pleased to have EAIF and PIDG involved in supporting us in delivering Sonatel’s vision. We are driven to improve customer experience and enhance digital inclusion. COVID-19 has accelerated and highlighted the vital importance of digital infrastructure to economic development.”
On its part, Sumit Kanodia, from EAIF says: “EAIF and PIDG are pleased to be playing such a fundamentally important role in the bond issue. We look forward to seeing steady demand for the bond, especially from regional investors supporting a strong local operator.”