The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, has made an anchor investment in Axian Telecom's $600m 5-year bond issuance. 

EAAIF invested $40m as part of a $160m anchor investment alongside the International Finance Corporation (IFC), British International Investment (BII), DEG, and Proparco. 

Tidiane Doucoure, Director, Emerging Market Alternative Credit, Ninety One, the Fund Manager of EAAIF, said: “The development of African capital markets is and will remain a priority for PIDG and Ninety One. Expanding access to digital services unlocks new economic opportunities, and greater financial inclusion, which are crucial drivers for intra-African trade and entrepreneurial growth. This oversubscribed transaction underscores the immense potential of African businesses and the growing confidence of global investors in the region’s digital future and champions like Axian Telecom.” 

The transaction’s order book saw a final 2x oversubscription, attracting over $1.3bn in demand, underscoring strong investor confidence in Axian Telecom's growth trajectory and Africa's vibrant digital sector.

EAAIF’s investment will support, among other key initiatives, Axian Telecom’s capital expenditure across its subsidiaries – driving economic growth and providing improved digital infrastructure to millions of people. 

Operating across Madagascar, Senegal, Tanzania, Togo, Uganda, Democratic Republic of the Congo, and Comoros, Axian serves over 40 million mobile customers with digital infrastructure, including mobile broadband networks, fibre optic cables, towers, subsea cables, and data centres. Its impressive revenue growth - approximately 2.5-fold between 2020-2023 - ranks it among the Financial Times’ fastest-growing companies in Africa, reinforcing EAAIF’s commitment to identify and back fast-growth, ambitious businesses that are vital to digital economies.

Recognising that connectivity is key to the future of work, EAAIF has long been a leading force in developing Africa’s digital infrastructure - from telecom towers to green data centers. 

The transaction deepens EAAIF’s partnership with Axian Telecom, having previously acted as co-anchor for its maiden $420m bond issuance, which supported the company’s expansion in frontier economies across the region, including Tanzania, Madagascar, and Togo. 

EAAIF has consistently led the development of bond issuances to support cutting-edge infrastructure in Africa, anchoring key transactions for digital champions with strong regional footprints. 

The Fund has also invested in pan-African data centre developers to help meet the continent’s surging demand for climate-aligned technology innovation.  Africa’s young, tech-savvy, and rapidly growing population is driving demand for mobile and digital services. 

While fixed broadband remains limited due to high costs and infrastructure gaps, the continent has a unique opportunity to leapfrog outdated systems and build a digitally empowered future. 

Through partners like Axian Telecom, EAAIF is helping scale telecom infrastructure across emerging markets, laying foundations for connectivity that spans nations, strengthens communities, and supports the ambitions of people across Africa in an increasingly connected world.

This bond issuance also helps to strengthen Africa’s nascent debt capital markets. For telcos, issuing bonds provides access to substantial, long-term capital - often at a lower cost than traditional loans - enabling large-scale network expansions and technology upgrades.  It also attracts international investors, deepening market liquidity and confidence. 

EAAIF’s ongoing support for corporate bond issuances - including over $320m allocated to telecom bonds, contributing to more than $6.2bn raised in total - highlights its role in strengthening Africa’s digital economy and expanding funding options for high-growth businesses.

Hassan Jaber, CEO of Axian Telecom, said: “We are honoured by the trust placed in us by EAAIF and our fellow anchor investors. Their support for this bond issuance is a strong vote of confidence in our long-term vision and the impact of our work. This financing enables us to scale innovative digital infrastructure across our markets and to bring transformative connectivity to millions, fostering inclusive growth and strengthening AXIAN Telecom’s role in advancing Africa’s digital future."