MTN Uganda has raised US$100 million in debt to fund the expansion of its network. Isaac Nsereko, chief marketing officer at MTN confirmed the development to the Reuters news agency.
Absa Capital, the investment banking arm of Absa Group was lead arranger of the syndicated loan.
"We are using it to invest in the network, different sections of the network really," he told Reuters in a telephone interview.
Based on data from the Mobile World, the country's five current operators and their market shares are: MTN (41%); Zain (22%); Uganda Telecom (19%); Warid Telecom (17%) and Orange (2%). A sixth network, I-Tel launched its network last month.