Mr. Francis Letourneau reports
EUROPEAN INVESTMENT BANK (EIB) PUBLIC ANNOUNCEMENT ON NURAN FINANCING
The European Investment Bank (EIB) has now publicly announced its proposed financing of Nuran Wireless Inc.
Further to the company's prior announcement of a mandate letter from EIB for $15-million (U.S.) in January, which has since been increased to $18-million (U.S.), the company has been advised by EIB that it is approaching the final stage for approval. The financing has now been published on the EIB website as the bank is a public entity. Nuran's project falls under the COVID-19 digital africa loan envelope, which has the objective of accelerating the deployment of digital infrastructure and solutions in sub-Saharan Africa.
The $36-million (U.S.) project is a combination of $18-million (U.S.) from EIB, eight million euros from another DFI (development finance institution), which has already been approved, and the remainder from Nuran, of which more than $6-million (U.S.) has already been invested and is sufficient to initiate the first drawdown.
Subject to completion of the financing, all loan proceeds are expected to be advanced to Nuran Wireless (Africa) Holding, the entity formed for the purpose of the project which is 100-per-cent-owned by Nuran Wireless.
"We are now approaching final approval for the release of $26-million (U.S.) to further accelerate the deployment of rural sites in Cameroon and DRC [Democratic Republic of Congo]. To date, Nuran has essentially financed the sites built through its own equity. The plan has always been to primarily use debt at the African subsidiary level to deploy new sites. The DFI's mission is to invest in infrastructure projects that have major social and environmental impact, for which we tick all the boxes. This financing will provide Nuran with capital to reach up to 1,100 live sites covering over five million population," stated Francis Letourneau, chief executive officer of Nuran.
About Nuran Wireless Inc.
Nuran Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G and 4G technologies, Nuran Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. Bridging the digital divide, one connection at a time.
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