Project detail - IHS RWANDA LTD


Status: Completed investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

IHS Rwanda is a recently established subsidiary of IHS Mauritius Rwanda Limited, which itself is a 100% subsidiary of IHS Holding Limited, an existing client of FMO. IHS has signed an agreement with market leader MTN Rwandacell to purchase, lease-back and operate all of its 556 cellular telecom towers and rooftop antennas and agreed to purchase, lease-back and operate the 171 Bharti Airtel and 212 Millicom Tigo cellular telecom towers in the country.

What is our funding objective?

FMO, IFC and a local commercial banking consortium led by Ecobank are financing the acquisition, rehabilitation and expansion of the above portfolios, with the objective of helping establish a common mobile telecom infrastructure platform in Rwanda. This investment should improve efficiency and will result in higher quality of services.

Why do we fund this investment?

Tower sharing allows cellular operators to reduce their capital expenditure and operating costs, leading to more profitability and taxes. Tariffs can also be decreased, as operators aim to further expand their customer base and through increased penetration. Tower sharing also leads to a reduction in environmental footprint, as each tower shared avoids a new one being built and requires less power compared to two stand-alone towers. IHS expects to decommission 118 sites and aims to reduce diesel consumption to 51% by 2015.

Infrastructure, Manufacturing and Services
Effective date
End date
Total FMO financing
USD 20.00 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)