­African tower management company, Eaton Towers says that it has raised US$60 million in debt financing from Standard Bank Group and the International Finance Corporation (IFC) to expand its tower operations across Uganda.

The debt will be used to finance Eaton's acquisition of nearly 400 towers from Warid Telecoms in Uganda, which was originally announced in January, and to upgrade existing and build up to 80 new towers in the country.

Peter Lewis, Chief Financial Officer of Eaton Towers, said:  "This latest round of debt funding is a further validation of the Eaton Towers business model and management team, and a clear demonstration of our ability to efficiently leverage our assets across Africa.

The funding is made up of US$30 million from the IFC and US$30 million from the bank.