The West Africa nation of The Gambia has received a grant of about thirty million US dollars to help firm-up its flagging telecommunications and energy industry. The award was provided to it by the World Bank.
South Africa plans to announce a US$20.5-billion (about R350-billion) infrastructure programme after talks with the private sector and multilateral lenders, said Paul Mashatile, the treasurer-general of the ANC.
It was not so long ago when the Africa unit of Bharti Airtel’s telecoms business was almost in shads. But now, thanks to a huge revenue boost, Airtel Africa is close to achieving a billion-dollar status.
The planned recapitalisation of Cell C, believed to involve the Buffet Consortium and other investors, has been finalised, though details are only expected to be made public next month, TechCentral has learnt.
Airtel Africa yesterday reported a 21% decline in its total net profit at $65 million for the quarter that ended on March 31. This was a significant drop in comparison to the $82 million net profit made in the corresponding period, last year, mainly due to higher finance costs.
Intelsat filed for Chapter 11 bankruptcy and said it had obtained US$1-billion in new financing that will allow it to keep the satellite service in business while it awaits billions of dollars in proceeds from a government spectrum auction.