IFC has announced a $35m investment in telecom operator, Africell, to support the expansion and upgrade of mobile networks in Gambia, the DRC, Sierra Leone and Uganda.

IFC’s investment is part of a syndicated loan of $150m, arranged by Deutsche Bank and supported by the Public Investment Corporation SOC acting on behalf of Government Employees Pension Fund, Banque Libano Francaise, EcoBank RDC and other investors.

Anikó Szigetvári, Head, Africa and Latin American TMT Group at IFC, said that in developing countries, access to telecommunications can help boost productivity, improve the delivery of basic services and encourage transparency and accountability.

“IFC’s investment in Africell supports a fast-growing company which is committed to providing high quality, affordable mobile services to African consumers,” she said.

Africell is an emerging telecommunications operator, with a customer base in some of Africa’s most challenging markets.

Since its launch in 2001, Africell has become the leading mobile network provider in Gambia and in Sierra Leone, and is expanding rapidly in the DRC and in Uganda.

The new financing will enable Africell to expand its coverage and services.

Ziad Dalloul, Africell’s Chairman and CEO, said “Africell is at the forefront of the mobile expansion in Africa and aims to become one of the leading telecom players in the continent.”

“Our partnership with IFC and other international financing organizations is another milestone in Africell’s endeavor to further its social and development role in the markets it operates,” he added.

During the last 10 years, IFC has invested over $1bn in 37 mobile phone projects spanning 15 countries in Africa.

IFC’s current investment focus in Africa’s telecommunication sector is aimed at improving the availability and reliability of affordable communications services, supporting the adoption of new communication technologies, and promoting technology-enabled innovation and entrepreneurship.