Sonatel signs €97m financing deal with IFC to drive network expansion
Telecommunications firm Sonatel Group is upbeat about expanding it’s network after securing a €97 million sustainability linked facility from the International Finance Corporation. CNBC Africa spoke to the firm’s CEO Sekou Drame for more.
Tue, 21 May 2024 10:24:30 GMT
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AI Generated Summary
- Securing a €97 million sustainability linked facility from IFC to drive network expansion and bridge the digital divide in Senegal.
- Emphasis on sustainability, gender diversity, and digital inclusion initiatives within the company, reflecting a long-standing commitment to value-sharing with stakeholders.
- Future outlook on opportunities in Africa, with a focus on connectivity, digital transformation, and a reduced carbon footprint, alongside the launch of a new platform to promote sustainability and CSR efforts within the organization.
Telecommunications firm Sonatel Group is set to expand its network after securing a noteworthy €97 million sustainability linked facility from the International Finance Corporation (IFC). The deal, signed with the support of ProPaco and British Investment International, marks a significant milestone for the company's growth strategy. CEO Sekou Drame emphasized the importance of this facility in advancing the digital connectivity of Senegal and bridging the digital divide to foster economic development. The funding will primarily be utilized to extend coverage of Sonatel's networks, encompassing mobile, fixed, and mobile money services, particularly in remote regions of Senegal. Beyond financial implications, the sustainability-linked nature of the facility aligns with Sonatel's commitment to driving digital inclusion, gender diversity, and sustainability initiatives. Drame noted that the company has long prioritized sharing value with all stakeholders, inclusive of local employment and gender equality. The firm's dedication to sustainability is underscored by investments in renewable energy, such as solar power for site electricity consumption. Looking ahead, Drame highlighted the opportunities in Africa, particularly emphasizing the role of connectivity in digital transformation and the importance of reducing the carbon footprint. The CEO pointed out the establishment of a new platform, Engage for Change, aimed at fostering sustainability and corporate social responsibility efforts across the organization.
