This new facility is secured through sustainability-linked debt financing arranged by IFC, Proparco, Emerging Africa Infrastructure and Asia Infrastructure Fund (EAAIF) and Ninety-One.

It will fund WIOCC Group’s ongoing expansion of connectivity capacity and digital infrastructure across Africa.

Samuel Ndungu, CFO of WIOCC Group, commented:

“This new financing underscores the continued confidence of our development finance partners in WIOCC Group’s long-term growth strategy and our role in driving Africa’s digital transformation. The additional capital enables us to further scale our network infrastructure, extend our data centre footprint and enhance the resilience and capacity of our pan-African digital ecosystem. Through this, we remain steadfast in our commitment to enabling digital inclusion and making an enduring contribution to the development of Africa’s digital economy.”

Chris Wood, CEO of WIOCC Group, also commented:

“This additional financing represents another significant step forward in advancing the resilient, scalable and open-access digital infrastructure required to support Africa’s growth. It strengthens our ability to execute on our long-term vision, expand our hyperscale network and data centre footprint, and continue building the continent’s most open, interconnected digital ecosystem. We are grateful for the continued confidence of our funding partners and remain fully committed to supporting the growth, innovation and digital inclusion that will shape Africa’s future.”

Also speaking, Sarvesh Suri, IFC’s regional industry director for Infrastructure and Natural Resources, Africa, said:

“IFC is proud to deepen its long-standing partnership with WIOCC Group as they scale Africa’s digital infrastructure. Through a blend of USD and ZAR financing, we are supporting WIOCC in optimizing its capital structure, mitigating currency risk, and accelerating investments in resilient, open-access networks. This commitment reflects our strategy to expand connectivity and data center capacity across the continent—advancing digital inclusion to drive job creation and economic growth.”

Puleng Pitso, investment specialist, Ninety-One, the fund manager for EAAIF, has this to say:

“Digital connectivity is one of the most powerful enablers of economic growth in Africa. By expanding access to high-speed internet, we are unlocking opportunities for entrepreneurs, small businesses, and industries to thrive in the digital economy. EAAIF and Ninety One’s investment in WIOCC will help strengthen the foundations for inclusive growth, job creation, and innovation across the continent.”

Françoise Lombard, CEO of Proparco, said:

“The AFD Group has been supporting WIOCC since its inception back in 2007. Proparco is very proud to reinforce the long-standing partnership with this flagship African player at a time when it has successfully evolved into a diversified digital infrastructure platform. By supporting WIOCC’s expansion across terrestrial fiber, submarine cables and open-access data centers, Proparco is helping strengthen a leading network that carries an important part of Africa’s internet traffic. This new financing, arranged alongside IFC and Ninety-One, will contribute to accelerating resilient, energy-efficient connectivity solutions in markets where reliable digital services are essential for economic transformation.”

Since its inception in 2008, the Group has deployed more than USD $750 million in digital infrastructure, including the linking of open-access data centres via hyperscale connectivity, fundamentally transforming the cost, reliability, and nature of communications across the continent.

As WIOCC expands its footprint, this latest financing reinforces its focus on building a resilient, inclusive, and future-ready carrier-neutral digital ecosystem.

As an anchor investor, EAAIF contributed $40 million to a $160 million collective anchor commitment alongside development finance leaders including IFC, British International Investment (BII), DEG, and Proparco.

The five-year bond saw overwhelming demand, closing with a 2x oversubscription and attracting over $1.3 billion in investor interest—testament to the market’s confidence in Axian Telecom’s vision and Africa’s thriving digital sector.

Backing a Bold Digital Vision for Africa

The new financing will supercharge Axian Telecom’s capital investment across its subsidiaries, supporting mobile broadband expansion, fibre rollout, data centre infrastructure, and subsea cable connectivity. Operating across nine African countries—including Madagascar, Tanzania, Senegal, Uganda, DRC, Comoros, and Togo—Axian now serves more than 40 million customers, with revenues growing 2.5x between 2020 and 2023. Its momentum has earned it a place among the Financial Times’ fastest-growing African companies.

Longstanding Partnership for Impact

This bond builds on a successful partnership. EAAIF also co-anchored Axian Telecom’s debut $420 million bond, which facilitated early-stage expansion in several frontier markets.

EAAIF’s strategic focus on telecom infrastructure, including mobile towers and sustainable data centers—has helped bridge connectivity gaps across underserved communities.

“Connectivity is the currency of the future,” said Tidiane Doucoure, director, Emerging Market Alternative Credit at Ninety One. “This bond is more than financing, it’s a catalyst for financial inclusion, entrepreneurship, and regional trade. Africa’s young, digital-native population is ready. Infrastructure must keep up.”

Strengthening Africa’s Debt Capital Markets

Beyond infrastructure, this transaction reinforces Africa’s growing debt capital markets. By enabling telcos to raise long-term capital via bonds, often at more favorable rates than traditional lending, EAAIF is expanding financial tools available to high-growth firms.

To date, the Fund has deployed over $320 million into telecom bonds, catalyzing more than $6.2 billion in total funding.

Hassan Jaber, CEO of Axian Telecom, reflected on the milestone:

“This support from EAAIF and our co-investors affirms the trust in our mission. With this capital, we’ll deepen our impact, scale digital infrastructure, and empower millions across Africa to thrive in a connected future.”

Shaping Africa’s Digital Future

From mobile broadband to climate-aligned data centres, Axian Telecom and EAAIF are laying the digital foundation of tomorrow’s Africa.

With every new tower and fibre mile, they are not just building networks, they are enabling education, innovation, inclusion, and opportunity across a continent on the rise.

The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, has successfully raised $325 million in new debt facilities, bringing recent commitments to $620 million and exceeding the Fund’s $500 million target ahead of schedule.

The debt raise cements EAAIF’s position as the go-to partner for investors to access scalable, and untapped opportunities in the emerging market infrastructure debt asset class, through an A2 rated (Moody’s) lending platform.

Allianz Global Investors (AGI) led the financing on behalf of Allianz Group, one of the world’s leading insurers and asset managers, committing €100 million to EAAIF.

One of South Africa’s largest financial services organisations, ABSA, provided $75 million.

Standard Bank, Africa’s largest lender by assets, contributed an additional $50 million to facilities already provided.

Japanese multinational bank Sumitomo Mitsui Banking Corporation (SMBC) extended a $50 million credit facility, while Swedfund, Sweden’s development finance institution, allocated €40 million. The new debt package builds on EAAIF’s $294 million capital raise secured in 2024.

This demonstrates the Fund’s ability to mobilise a global community of public and private investors united by a shared purpose of channeling capital, innovation, and expertise to expand infrastructure debt markets in Africa and Asia.

The new debt finance package will support EAAIF’s ambition to generate sustainable development impact and deliver positive returns.

The financing will enable $1 billion of investment by the Fund in next-generation infrastructure across Africa and Asia by 2028. EAAIF’s investment strategy targets assets that advance digital economies, scale transition infrastructure, and reshape power markets.

The successful debt raise comes at a critical time. The Asia-Pacific region alone faces a shortfall of at least $800 billion in climate financing, while just c.23% of Africa’s climate finance needs are currently met.

Action on climate is at the heart of PIDG’s strategy, which aims to improve economic resilience and climate opportunities for 100 million people by 2030.

As one of Africa’s longest-serving infrastructure debt providers, EAAIF draws on the Group’s whole life-cycle approach – spanning project development, financing, and long-term sustainability – to transform economies and improve lives, while delivering meaningful action on climate adaptation, resilience, and mitigation.

Since its inception in 2001, EAAIF has committed over $3 billion to more than 125 infrastructure projects across 25+ countries and 10 sectors in Africa and Asia.

In 2024, Moody’s reaffirmed the Fund’s foreign currency long-term issuer rating of A2 with a stable outlook and minimal default rate, reinforcing its position as a leading instrument for investors seeking investment protection, returns, and exposure to Africa and Asia’s growing infrastructure asset class.

Martijn Proos, co-head of EM alternative Credit at Ninety One and Managing Director for EAAIF, said:

“These successful subsequent debt raises highlight global investors’ confidence in EAAIF’s ability to create attractive investment solutions that seize untapped opportunities in fast-growth markets. By strengthening our capital base and diversifying our funding sources, we are favourably positioned to drive business growth and economic transformation through private infrastructure debt investment in pioneering infrastructure. We thank Allianz, ABSA, Standard Bank, SMBC, and SwedFund for their continued support.”

Philippe Valahu, CEO of PIDG, said:

“As a PIDG company, EAAIF is driven by a vision of delivering essential infrastructure that unlocks economic opportunities in the markets where we invest. This milestone is a significant step forward for PIDG, which aims to deliver $9 billion in new commitments for infrastructure and mobilise $25 billion in additional finance by 2030. We look forward to continuing this journey alongside our partners as we develop innovative mobilisation strategies across the project lifecycle to deliver progress in the regions where we operate.”

Maria Håkansson, CEO of Swedfund, Sweden’s development finance institution, said:

“The EAAIF has a critical role to play in financing high-impact infrastructure projects across Africa, while challenging risk perceptions around African infrastructure investment and mobilising private capital. This is essential to closing the financing gap and building capital markets to achieve better environmental and social impact.”

Neha Bantha, executive vice president for Leveraged Finance at Standard Bank Corporate & Investment Banking said:

“We are proud to be part of this consortium which will enable funding for strategic infrastructure projects that underline our broader purpose, to drive Africa’s growth. This transaction forms a cog in our broader wheel of innovative financing and objective to deliver structured capital solutions that help our partners and clients deliver for the continent and we look forward to future partnership opportunities that leverage Africa’s immense potential”.

Nisrin Abouelezz, managing director and Head of Africa Group of SMBC said:

“SMBC is pleased to partner with EAAIF in this year’s debt raise which aligns well with SMBC’s own strategy for sustainability and social value creation. SMBC continues to support our clients as they further global energy transition, while supporting social infrastructure and value creation on the African and Asian continent”.

Shyam Ganda, director – Global Finance, ABSA, said:

“As a Pan-African bank, Absa is proud to partner with EAAIF in supporting projects which will accelerate infrastructure development for lasting impact –  bridging Africa and Asia’s long-term financing gap, whilst supporting economic growth and renewable energy expansion”.

The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company, managed by Ninety One, has invested USD28 million and acted as the sole impact investor in an oversubscribed USD300 million capital market maiden bond issue.

Book orders over USD550 million meant that EAAIF could reduce its anchor commitment from USD40 million to USD28 million, allowing the participation of more private capital from a variety of international investors.

The proceeds of the issuance will support capital expenditure growth across Africell’s subsidiaries in Angola, the Democratic Republic of Congo (DRC), The Gambia, and Sierra Leone.

This will strengthen the supply of mobile and data connectivity for approximately 14 million current subscribers, with conditions ripe for future expansion across these countries.

Magase Mogale, Africell’s executive vice president said,

“EAAIF was instrumental in the success of this process. Their support and involvement gave other investors confidence, resulting in our debut issuance being heavily oversubscribed. Launching the bond is a transformational moment for our company as we offer investors exposure in four dynamic African countries”.

The transaction deepens Africa’s financial services landscape and diversifies fundraising sources for dynamic, fast-growth businesses.

This bond issuance is the first by any corporate or state in two of Africell’s four established markets (The Gambia and Sierra Leone). It will provide international private investors with insight into these markets and create the opportunity for further, much-needed, foreign investment.

Tidiane Doucoure, director, Emerging Market Alternative Credit at Ninety One Group, the Fund Manager of The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company, said:

“We are proud to have acted as anchor investor on the successful first bond issuance of Africell. At PIDG and Ninety One, we firmly believe in the development of capital markets and the mobilisation of private capital in low and middle income countries. That’s the only viable way the trillions of dollars currently available in developed markets will be channeled to support the much needed economic and social growth for the six billion people living in emerging markets. We are honored by the trust of Africell, and our other partners, including the global banks that acted as bookrunners – JP Morgan, Citi, and Standard Bank.”

Developing Africa’s capital markets is a key priority for the Private Infrastructure Development Group and Ninety One.

In 2020, sub-Saharan Africa, excluding South Africa, contributed just 0.02% to the global stock of international bonds.

This presents a tremendous opportunity for global investors and ambitious businesses to increase access to growth capital from debt capital markets.