UK-based infrastructure company Africa Mobile Networks (AMN) secured a $20 million loan package from two investors, capital it plans to use to build new base stations across underdeveloped parts of Sub-Saharan Africa.
Investors BlueOrchard Sustainable Assets Fund and OP Finnfund Global Impact Fund I are providing the funding, which AMN stated will fund moves to build towers in rural areas.
AMN stated the fresh loan added to a $36 million investment secured from a consortium of financial institutions led by South African private equity company Metier in 2021.
The infrastructure company operates more than 3,000 base stations in 12 African countries, most of which are based in underserved areas including Liberia, Republic of Congo and Guinea.
AMN plans to build 10,000 towers and expand operations into three additional countries on the continent.
Earlier this month, AMN inked an agreement with Orange’s Madagascar unit to build 500 rural base stations, expanding a partnership with the French operator.
AMN claims to operate more than 700 towers for Orange’s Congo and Cameroon subsidiaries.