MSI poised for expansion. (Telecommunications).

MSI Cellular (MSI) has continued to receive strong backing from international institutional investors and financiers. Despite the downturn in investment flows to the telecoms sector as a whole, MSI has raised a further $117m, bringing the total financing raised to more than $750m in five years.

MSI is one of Africa's leading telecoms companies with its Celtel branded GSM operations. It is licensed to operate in 12 African countries - representing one-third of the population of Africa. MSI has operations in Burkina Faso, Chad, Federal Republic of Congo, DRC Congo, Gabon, Malawi, Niger, Sierra Leone, Sudan, Uganda and Zambia.

In addition, MSI has a 35% equity stake and management control of Tanzania Telecommunications Co Ltd (TTCL), and launched the Celtel Tanzania cellular network as an independent subsidiary. In Egypt, MSI is a founding shareholder and minority partner in Vodafone Egypt.

Commenting on the latest loan package, MSI's chairman and CEO Dr Mohamed Ibrahim said: "In exceptionally difficult times for the telecoms industry worldwide, this represents a massive vote of confidence by the international financial community in MSI and Africa. We are in a very healthy position with more than one million customers, 14 self-sufficient operations and now the resources for further significant expansion."

The loan package comprises of $109m of medium-term senior secured debt syndicated by ING Bank and Standard Bank London with the participation of the Finnish Fund for International Co-operation, and a six year $8m unsecured loan, the first ever loan made by the Emerging Africa Infrastructure Fund (EAIF). The EAIF is a unique public-private financing partnership, initiated by the UK government's Department for International Development in January 2002.