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Qatar Investment Authority Injects Ksh20 Billion To Reduce Airtel Africa’s Debt

[IMAGE/ COURTESY]

[IMAGE/ COURTESY]
Qatar Investment Authority (QIA) has announced that it will invest USD200 million (approximately Ksh20 billion) in Airtel Africa to help the telco offset its debt burden.

The money will be given through a primary equity issuance in the company.

This will reduce Bharti Airtel’s overall debt to USD3.5 billion (Ksh350 billion), from the current USD3.7 billion (Ksh370 billion).

“We are excited to welcome the Qatar Investment Authority as a long-term strategic equity partner. We look forward to a long and fruitful partnership with QIA,” Airtel Africa said

The investment from QIA is in addition to the recent USD 1.25 billion (Ksh125 billion) investment by six leading global investors, including Warburg Pincus, Temasek, Singtel, and SoftBank Group International, in Airtel Africa.

Read: Rotich Extends Exemption Period For CBA After Acquisition Of Crane Bank Rwanda

“As a long-term global investor, we are delighted to invest in one of the leading telecommunication companies in Africa. QIA will look forward to supporting Airtel’s vision in building a world-class business in the African continent,” QIA said

This is not the first time the company is getting a financial booster from Qatar.

In 2013, the company received funding from Qatar Foundation Endowment, a entity managed by the Qatar’s royal family.

The foundation later exited from Airtel in November 2017 after selling stake for USD 1.48 billion (Ksh148 billion).

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Francis Muli

Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. He believes in unearthing societal rots that have been hidden from the public eye. He has also carved himself a niche in writing business stories. He has worked for various organisations including Kenya Television Service, Business Today among others. Follow him on Twitter @FmuliKE.
Email: mulifranc2@gmail.com

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