Airtel Africa has received $200 million investment from Qatar Investment Authority, the sovereign wealth fund of Qatar government. The money will be used to reduce the Telco’s existing debt. Airtel Africa’s debt is expected to decline to $3.5 billion after the financial boost from Qatar’s sovereign fund.
In a statement, Airtel Africa Ltd said “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.”
Qatar Investment Authority expressed optimism in Airtel Africa, a leading mobile service provider with operations in 14 African nations. The transaction between Airtel Africa and Qatar’s sovereign fund will see the latter acquire some equity in the Telco for $200 million capital injection.
Airtel Africa is the continent’s second largest telecommunications company. It is estimated to have more than 94 million subscribers across the continent.