Grameenphone wins $345m investment for rural buildout

Bangladesh’s leading operator Grameenphone has secured $345m investment for expanding its network into rural regions of the country.

The financial package was orchestrated by IFC, which is part of the World Bank. IFC has pledged $150 million to the fund, and has also secured commitments from a consortium of lenders, including CDC, DEG, FMO, OFID and Proparco.

All of these institutions are development focused, with Standard Chartered Bank the only financially-focused institution. The total investment constitutes one of the largest private sector endeavours in Bangladesh.

Vivek Sood, CEO of Grameenphone, said: “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.”

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