The Emerging Africa & Asia Infrastructure Fund (EAAIF), part of the Private Infrastructure Development Group (PIDG), managed by Ninety One, has acted as the sole impact investor in Africell’s oversubscribed USD300 million debut international bond issuance. With orders exceeding USD550 million, EAAIF scaled back its anchor investment from USD40 million to USD28 million, allowing more private investors to participate.
The funds raised will support Africell’s digital infrastructure expansion across Angola, the Democratic Republic of Congo (DRC), The Gambia, and Sierra Leone, benefiting its current 14 million subscribers and paving the way for future growth.
Magase Mogale, Africell’s Executive Vice President, highlighted EAAIF’s crucial role in the issuance’s success, noting that their involvement instilled confidence among other investors. The bond marks a milestone for Africell, offering investors exposure to four dynamic African markets.
The issuance also diversifies Africa’s financial landscape, being the first of its kind in The Gambia and Sierra Leone, further attracting international capital to these underserved regions.
Tidiane Doucoure, Director at Ninety One Group, emphasized the importance of developing capital markets in low and middle-income countries, stating that such initiatives are key to mobilizing the trillions of dollars from developed markets to foster growth in emerging economies.
This bond underscores EAAIF’s commitment to enhancing Africa’s capital markets and broadening access to debt financing for businesses poised for rapid growth.
