The Public Investment Corporation (PIC) and African Export-Import Bank with participation from other investors, have provided $365m of debt and equity financing to Smile Telecoms Holdings (Smile), a pan-African telecommunications group.

The funding is comprised of $50m of equity, raised from the PIC on behalf of Government Employees Pension Fund, and a $315m multi-tranche, multi-jurisdictional debt facility led by African Export-Import Bank with participation from the Development Bank of Southern Africa, Diamond Bank, Ecobank Nigeria, the PIC, the Industrial Development Corporation of South Africa and Standard Chartered Bank.

Founded in 2007 and incorporated in Mauritius, Smile owns and operates mobile wireless 4G LTE broadband networks in the 800MHz band in Nigeria, Tanzania and Uganda.

Smile's shareholders now comprise Al Nahla Group, a Saudi Arabia-based company, which is the majority shareholder; Renven Investment Holdings, a pan-African investment vehicle, in which Nigerian investors, including the Obijackson Group, are the majority; Verene, representing Smile senior management and social entrepreneurs from South Africa; Telecom Investments, a Saudi Arabian-based investment company; Capitalworks, an active alternative management company, specializing in investment in the African mid-market; the PIC; and Smile employees.

The funding is one of the largest capital raises ever for a telecommunications operator in Africa and brings the total funding committed to Smile since its founding in 2007 to approximately $600m.

The new round of funding will be used to expand Smile's existing 4G LTE mobile broadband networks and services, such that by the end of 2015, Smile will offer clear voice services and have national coverage comparable to the largest 3G network in each of its current countries of operation.

Smile will also launch its broadband network in Democratic Republic of Congo early in 2016.

Under the terms, the funding will be used to accelerate national network roll-out, including equipment and services provided by Alcatel Lucent and Ericsson, a full MPLS (Multiprotocol Label Switching) network, a London Point of Presence and expanded international backhaul services, and to fund operational expenditure and working capital.

Smile's objective is to become the broadband provider of choice for super-fast data and clear voice in each of its markets and to provide over 300 million potential customers in its four countries of operation with a fast, reliable and high quality platform to accelerate development and wealth creation.

Irene Charnley, CEO of Smile, said: "Now that we are fully funded to deliver national coverage of unrivaled super-fast internet access and clear voice services, our priority is to ensure that our customers experience and benefit from the power of high speed mobile broadband compared to the narrow-band services available to date, including how to effectively manage the superior experience in terms of data consumption."