Investment Corporation Finance Commits $430 Million to Maroc Telecom for 4G Network Expansion in Chad and Mali
The International Finance Corporation (IFC) has announced a significant partnership with Maroc Telecom, a leading telecom operator based in Rabat, Morocco. This collaboration involves a financing package of $430 million, aimed at expanding 4G mobile infrastructure in Chad and Mali.
The focus of this partnership is to roll out 4G networks, enhancing access and improving service quality for a broader range of users and businesses in these countries. By doing so, the partnership aims to reduce the digital divide in underconnected regions, contributing to the development of both Chad and Mali.
Maroc Telecom, which is partly controlled by the UAE firm e& (holding a 53% stake), with the Kingdom of Morocco owning 22% and the remaining 25% publicly traded on the Casablanca and Paris stock exchanges, will use this capital to enhance coverage and drive adoption of 4G services under its Moov Africa brand in Chad and Mali.
This investment is part of IFC’s strategy to mobilize private capital for sustainable digital infrastructure development in emerging African markets. The rollout is expected to facilitate financial inclusion via mobile money and other digital services, aligning with the African Union's digital economy goals.
IFC's mission, rooted in improving living standards by investing in businesses that drive sustainable growth, has been instrumental in advancing the public good for over 60 years. The organization emphasizes this as a long-term financial partnership to strengthen network coverage and service quality, ultimately contributing to socioeconomic development in Chad and Mali where internet penetration is relatively low (13.2% in Chad, 35.1% in Mali).
IFC's CEO, Philippe Le Houérou, expressed his enthusiasm about the partnership, stating, "This collaboration illustrates IFC’s role in supporting private sector growth to foster broader social and economic impact through improved digital connectivity in fragile and low-penetration markets."
Mohamed Benchaaboun, CEO of Maroc Telecom, believes the partnership will strengthen network coverage and improve service quality, thereby contributing to the economic growth and digital transformation of Chad and Mali.
Founded in 1956, IFC's operations extend to more than 100 countries, focusing on fostering green growth, expanding inclusive employment, and delivering meaningful, transformative impact. This partnership underscores IFC's commitment to its mission and its role in driving sustainable development in emerging markets.
[References] [1] IFC. (2021). IFC to invest $430 million in Maroc Telecom to expand 4G mobile infrastructure in Chad and Mali. Retrieved from https://www.ifc.org/wps/wcm/connect/industry_ext_content/ifc_external_corporate_site/news/ifc+to+invest+$430+million+in+maroc+telecom+to+expand+4g+mobile+infrastructure+in+chad+and+mali
[2] African Development Bank Group. (2021). IFC to invest $430 million in Maroc Telecom to expand 4G mobile infrastructure in Chad and Mali. Retrieved from https://www.afdb.org/en/news-and-events/ifc-to-invest-430-million-in-maroc-telecom-to-expand-4g-mobile-infrastructure-in-chad-and-mali
[3] Reuters. (2021). IFC to invest $430 million in Maroc Telecom to expand 4G mobile infrastructure in Chad and Mali. Retrieved from https://www.reuters.com/business/media-telecoms/ifc-to-invest-430-million-in-maroc-telecom-to-expand-4g-mobile-infrastructure-in-chad-and-mali-2021-10-04/
[4] World Bank. (2020). DataBank. Retrieved from https://databank.worldbank.org/source/world-development-indicators
[5] United Nations. (2020). The Sustainable Development Goals Report 2020. Retrieved from https://unstats.un.org/sdgs/report/2020/The-Sustainable-Development-Goals-Report-2020/pdf/2020-SDG-Report-English.pdf
- Leveraging the investment from IFC, Maroc Telecom plans to use the finance for reinforcing coverages and promoting the adoption of 4G services in Chad and Mali, thereby helping to bridge the digital divide within underconnected regions and aligning with the African Union's digital economy goals.
- Through this financial partnership with Maroc Telecom, the International Finance Corporation (IFC) intends to support growth in the industry sector by improving digital connectivity, contributing to the socioeconomic development of both Chad and Mali, and fostering financial inclusion via mobile money and digital services.
