The International Finance Corporation, the private sector arm of the World Bank Group, today announced the signing of a $40 million loan to Scancom Limited, Ghana, a majority owned subsidiary of Investcom Holding, the international telecommunications group.

Scancom, providing services under its brand name Spacefon Areeba, is the leading mobile telecommunications operator in Ghana. IFC?s loan will help fund Scancom?s network upgrade and expansion. In addition to strengthening Scancom?s capital structure, the financing will be used to promote economic development in the country by providing more affordable telecom services to a larger portion of the population. IFC?s investment will also complement the work of the World Bank, which is assisting the government of Ghana to implement pro-investment sector reform and a world-class regulatory environment.

?Through this project, IFC is assisting a key player in the emerging telecommunications sector in Africa,? noted Mr. Mohsen Khalil, director of IFC?s Global Information and Communication Technologies Department. He added that, ?By enabling Scancom to accelerate its network expansion, the project will contribute to market competitiveness and support the government of Ghana?s efforts to improve performance in the sector.?

According to Mr. Azmi Mikati, chief executive of Investcom Holdings, ?Investcom is delighted to have signed this loan facility agreement with IFC. These funds will be used to improve and expand Scancom's mobile telecommunications infrastructure and services across the country, allowing us to offer better quality, affordable, and reliable mobile services to a larger section of the people of Ghana.?

?In line with our strategy in Africa, this project represents a further opportunity to contribute to the telecom sector?s growth and private sector development in the region,? noted Mr. Richard Ranken, director of IFC?s Sub-Saharan Africa department. He added that IFC?s involvement with Scancom should ?spur interest for other foreign direct investment in Ghana.?