World Bank's IFC In On Liquid Telecom's Bond
Industry media reports have stated that the International Finance Corporation (IFC), a World Bank agency, has taken up sixteen per cent of Liquid Telecoms US$620-million bond issue, even as an international rating agency flags a risk that the company is bedevilled with "regional uncertainties".
According to reports, liquid Telecom, which has fibre networks in thirteen African countries, has listed its bond-issuance on the Dublin's Euronext exchange. With the almost US$100-million raised from the IFC funding, the company is expected to refinance its existing debt and get more funding to drive and expand its several cloud and media services across Africa.
Nic Rudnick, CEO of Liquid Telecom Group CEO, commenting on the IFC's financial support, said that the funding would provide: "great opportunities to address underdeveloped telecommunications and internet access across many parts of Africa and enables us to continue to invest in the African digital eco-system."
The Chief Operations Officer for the International Finance Corporation, Stephanie von Friedeburg, said that the IFC's aim is to remove the obstacles to internet connectivity in Africa and ensure "much-needed internet access for everyone in Africa. According to the IFC's COO, "Our investment in the Liquid Telecom bond will help the company free up capital to further expand broadband access across Africa."