Afrimax was founded by three experienced executives with impressive background in the Telecommunications industry.

Jay Metcalfe, Chairman. Mr. Metcalfe was formerly the President, CEO and a founder shareholder of Millicom International Cellular. He was an investor in and Director of Celtel International, the pan-African mobile operator and is one of the co-founders of Virgin Mobile Latin America, both IFC investee companies. Mr. Metcalfe is co-founder of Virgin Mobile Central and Eastern Europe and a Founding Investor of Virgin Mobile Middle East and Africa.

Peter Langkilde, Chief Executive Officer. Prior to Afrimax, Mr. Langkilde held positions of Vice President of Bell South in the United States, Senior Vice President of Millicom for Eastern Europe, Middle East and Africa region, and Chief Operating Officer of Leap Wireless in Russia. He is also a Founding Investor and Chairman of Virgin Mobile Middle East and Africa, Chairman of Virgin Mobile South Africa, and co-founder of Virgin Mobile Latin America and Virgin Mobile Central and Eastern Europe.

Rob Philpott, Chief Financial Officer. Mr Philpott has held positions of Vice President and Chief Financial Officer of Millicom for Eastern Europe, Middle East and Africa region, Finance Director of Orascom Telecom Iraq, and Group Accountant and Senior Vice President of Ruberoid PLC.

The three founders are joined by financial investor, Amre Youness, a UK based entrepreneur. Mr. Youness is the Chief Executive Officer of International Mineral Resources (“IMR”), a Netherlands headquartered global mining and metal processing company. Prior to that, he was President of TMC Financial, a California based private investment company focused on mobile telecommunications and technologies. Mr. Youness is a long-time advocate for education and human rights in Sub-Saharan Africa, having served on the boards of several charitable organizations including Policy Advisory Board of ONE international, Airborne Lifeline Foundation, Millennium Promise and DATA.

The total Project Cost (essential funding required to roll-out the Ugandan and Rwandan operations) is estimated at US$34.4 million, of which IFC will be providing up to US$10 million in preferred equity, with the balance funded by other co-investors.

25.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	25.0

* These investment figures are indicative

The Company will launch operations in Rwanda and Uganda and plans to expand to other countries in Sub-Saharan Africa region over the next few years.

Private Sector Development: Through participation in the Project, IFC will support one of the emerging private players in Africa broadband telecommunication sector thereby contributing to further development of the business entrepreneurship on the continent.
Promotion of Regional Integration in Submarine Cable Broadband Markets: The submarine cable networks along the African coast are currently not fully utilized, and Afrimax'' operations will facilitate the ultimate deployment of international broadband capacity generated by these networks. Ultimately, it will result in reduction in wholesale and retail bandwidth costs for business and individual consumers.
Further Economic Growth: According to the World Bank studies, a 10% increase in broadband penetration supplies a 1.5% increase to GDP. Further, broadband impacts various sectors including education, health care, financial services as well as government activities. Therefore, the Project will indirectly contribute to further economic growth in the countries of operation.

Expanded Access to Broadband: Given the current low broadband penetration levels in Africa, the Company''s long term plans to launch broadband operations in 21 African countries will substantially contribute to increased broadband access on the continent.
Long Term Financing for a Start-Up Company: IFC''s investment will be critical for a greenfield company facing all financial, operational and commercial challenges of a start-up operation. Further, IFC''s funding and support will be essential for the Company''s efforts to secure long term financing from other investors, given overall underdeveloped state of the broadband sector in Africa.
Sharing of Expertise: The Company will benefit from IFC''s significant structuring expertise as well as widespread local presence in Africa, business networks and market reputation, as well as substantial knowledge of sectoral, regulatory and governance issues.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Company Subscribers: Internet Connections	Customers (#Millions)		Not Available	Not Available	Not Available
Organizational capacity and Management Programs(%)	Organizational capacity and Management Programs(%)		Not Available	Not Available	Not Available
Human Resources Policies and Procedures(%)	Human Resources Policies and Procedures(%)		Not Available	Not Available	Not Available
Occupational Health and Safety(%)	Occupational Health and Safety(%)		Not Available	Not Available	Not Available
Direct Employment (#) - Operations and Maintenance	Employment (#)		Not Available	Not Available	Not Available
Female Direct Employment (#) - Operations and Maintenance	Female Employment (#)		Not Available	Not Available	Not Available

Environmental and social risks and impacts in this project are expected to be limited, so the project is classified as Category B according to IFC''s environmental and social review procedure.

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.

Please refer to the Environmental and Social Action Plan (ESAP) tab in the related Environmental and Social Review Summary (ESRS) document for this project.