(i)                 Axian holds a 100% ownership stake in TelCo.

(ii)               Axian owns 78.4% of Honora, while Next Telco Ltd owns 19.6% and the Government of Zanzibar owns 2%.

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The total Project cost is estimated at US$137.4 million, to be financed with a combination of debt and internal cash generation. The proposed IFC investment is in the form of debt consisting of (i) A Loan of up to EUR25 million (c.US$27.2 million) to TelCo, and (ii) A Loan of to US$100 million (TZS linked) to Honora.                                                                                                  

The Project will involve investments in Comoros and Tanzania.

 There are no significant governance risks related to the development impact of this Project.  

    This is a Category B project according to IFC's Policy on Environment and Social Sustainability (2012) because it has potential limited adverse E&S risks and/or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures. Key E&S aspects identified during the appraisal are: (i) the subsidiaries’ ESMS to manage the network expansion process; (ii) ongoing implementation of the existing ‘E&S risk screening’ procedure, particularly regarding potential biodiversity impacts related to tower construction activities, (iii) implementation of fair and safe labor and working conditions for direct and contract workers; (iv) adequate monitoring and management of third-party service providers; (v) electronic waste management; (vi) stakeholder engagement and grievance management, and (vii) implementation of security management protocols and procedures.