NuRAN Wireless negotiates $15 million loan to finance construction of 800 additional sites in Africa

February 8th 2024

Africa, Financial investment, Financial News, Internet

Canadian telecoms infrastructure provider NuRAN Wireless is on track to secure a $15 million loan to finance the construction of 800 additional telecoms sites in Africa. The company announced on Tuesday February 6 that it had received a non-binding letter of intent to this effect from a development financial institution (DFI) whose identity has not been revealed.

“This letter of intent is subject to the satisfactory completion of a due diligence process and finalization of all terms between the parties,” the company said.

NuRAN is looking to diversify its funding sources to continue the expansion of its network in Africa. Out of 10,000 sub-contracted telecom sites planned on the continent, the company is currently at 4,600. It notably has ongoing contracts with the MTN groups (in South Sudan, Sudan, Namibia and Ivory Coast). ) and Orange (in Cameroon, DRC and Madagascar).

The expansion of NuRAN’s network is expected to help improve access to telecoms services in Africa, particularly in rural areas. According to the Association of Mobile Telephone Operators and Manufacturers (GSMA), sub-Saharan Africa had 489 million unique mobile subscribers in 2022 for a penetration rate of 43%.

Source: Agency EcoFin

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