The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, has invested $28 million and acted as the sole impact investor in an oversubscribed $300 million capital market maiden bond issue.
Book orders of more than $550 million allowed EAAIF to reduce its anchor commitment from $40 million to $28 million, enabling 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.
The transaction deepens Africa’s financial services landscape and diversifies fundraising sources for fast-growth businesses. Thi
