Yas secures landmark EBRD telecoms investment

The European Bank for Reconstruction and Development (EBRD) has approved a senior financing package of up to €270 million (approx. US$308.7mn) for Yas, the pan-African telecommunications operator owned by AXIAN Telecom, to accelerate digital infrastructure investment and strengthen connectivity across Africa

The transaction marks the EBRD's first investment in Senegal and represents a landmark deal for the Bank in sub-Saharan Africa, combining long-term financing, local-currency lending and institutional capital mobilisation to support the region's growing digital economy.

The financing package includes a committed facility of up to €170 million (approx. US$194.4mn) to fund Yas' capital expenditure programme in Senegal and Kenya. This comprises a €100 million (approx. US$114.3mn) EBRD A-loan, a B-loan of up to €50 million (approx. US$57.2mn) to be syndicated to institutional investors under the Bank's A/B loan structure, and a local-currency facility equivalent to up to €20 million (approx. US$22.9mn) in Kenyan shillings. The transaction is the EBRD's first local-currency financing in sub-Saharan Africa and also its first A/B loan in the region. As part of the syndication, ILX Fund, an Amsterdam-based impact private credit fund specialising in emerging markets, will provide a significant investment in the B-loan.

The agreement also includes an uncommitted facility of up to €100 million (approx. US$114.3mn) to finance eligible future acquisitions by Yas and support additional capital expenditure across selected EBRD countries of operation in sub-Saharan Africa.

In Senegal, the investment will fund the expansion and modernisation of Yas Senegal's 4G and 5G mobile networks, reinforce core telecommunications infrastructure and accelerate fibre deployment. In Kenya, the financing will support the expansion and modernisation of fibre infrastructure following Yas' acquisition of Wananchi in 2025, enhancing broadband availability, network performance and service quality in one of East Africa's most dynamic telecommunications markets.

The investment is expected to strengthen competition in both countries by enabling local operators to expand their capabilities while improving access to reliable, affordable digital services for businesses and consumers.

Alongside the infrastructure investment, Yas has also committed to increasing female representation across its workforce and leadership teams, while introducing targeted programmes to promote women's participation in the digital economy through skills development and inclusive employment initiatives.

EBRD president Odile Renaud-Basso said: "I am very pleased to sign this first investment agreement with Yas, which reflects the EBRD's commitment to strengthening digital connectivity. By supporting long-term investment in critical digital infrastructure, we will help to build more resilient and competitive markets while mobilising additional capital from institutional investors to accelerate sustainable development and innovation."

Hassan Jaber, group CEO of Yas, stated, "Nearly one in ten people across Africa still live outside mobile network coverage. Closing that gap has been central to Yas' growth and is at the heart of this agreement. This is the largest financing our group has ever raised, and it will accelerate our 4G, 5G and fibre investments in Senegal and Kenya. It also marks the start of an important new partnership for Yas and the EBRD."

Kirstine Damkjaer, chief investment officer at ILX Fund, commented, "Africa is one of the fastest-growing digital markets in the world, with connectivity playing an important role in economic development, financial inclusion and job creation. We are pleased to support Yas' expansion alongside the EBRD, helping to strengthen essential digital infrastructure in the region and further increasing ILX's investment support across Africa."

Originating in Madagascar, Yas has grown into one of Africa's fastest-expanding telecommunications companies, operating across 11 markets in Africa and the Indian Ocean. Its portfolio spans three core business areas: mobile and fixed telecommunications services, fintech solutions, and digital infrastructure, including telecommunications towers, backbone fibre networks and data centres.

Senegal and Kenya became EBRD shareholders and countries of operation in 2025, expanding the Bank's footprint in sub-Saharan Africa. Through investments such as this, the EBRD aims to support private sector-led growth, bridge critical infrastructure gaps, promote economic diversification and advance climate-resilient development across the region.