MTN operates cellular networks in 21 countries in the Middle East and Africa, following its acquisition in 2006 of Investcom, a Lebanese-owned and Dubai-based company.
MTN is well known to IFC through a series of investment commitments totaling over US$220 million to help the company expand and upgrade its networks in Nigeria, Ghana, Afghanistan.
In many markets, the entry of an experienced operator such as MTN has increased competition, driven demand growth, and spurred other operators to invest further in their networks, resulting
in improved quality of cellular services while lowering tariffs for consumers.
IFC’s investments in MTN demonstrate that infrastructure can be provided effectively by the private sector, including foreign investors.
The long standing relationship with MTN demonstrates IFC’s commitment to supporting companies from a developing region. Moreover, in helping MTN to become a global player and by assisting the company to implement its strategy of investing in underserved countries, IFC is promoting South-South capital flows.
Since 1991, IFC has mobilized approximately US$1 billion for cellular operators in Africa, about half of which was arranged with other financial institutions.