Grameenphone gets $345m funding package

Dylan Bushell-Embling
28 Aug 2013
00:00

Bangladesh incumbent Grameenphone has secured a $345 million funding injection to support the company's rural expansion efforts.

World Bank member International Finance Corporation (IFC) and a consortium of other lenders will provide the financial package, the IFC announced. The IFC's own investment will be $150 million.

The funds are intended to support Grameenphone's rural expansion, in order to improve Bangladesh's low teledensity and by extension promote economic growth and poverty reduction.

“The potential to expand telecom services in Bangladesh is huge and IFC’s financing will be crucial in helping us improve connectivity and coverage in rural areas, boosting digital inclusion,” Grameenphone CEO Vivek Sood said.

Other goals of the funding package include improving energy efficiency, promoting employment opportunities and promoting sustainable development.

IFC said it has been engaging with Grameenphone to support the growth of the local telecom sector since 1998.

Grameenphone is one of the five Bangladeshi operators cleared to take part in a long-awaited 3G auction due to commence early next month.

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