The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, today announced its anchor investment in Axian Telecom’s USD 600 million 5-year bond issuance. EAAIF invested USD 40 million as part of a USD 160 million anchor investment alongside the International Finance Corporation (IFC), British International Investment (BII), DEG, and Proparco. The transaction’s orderbook saw a final 2x oversubscription, attracting over USD 1.3 billion 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 USD 420 million 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broadband remains limited due to high costs and infrastructure gaps, the continent has a unique opportunity to leapfrog outdated systems and build a digitally empowered future.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 USD 320 million allocated to telecom bonds, contributing to more than USD 6.2 billion 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.”

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 Emerging Africa & Asia Infrastructure Fund (EAAIF) is a blended finance vehicle that raises and deploys public and private debt capital to transformative infrastructure projects across Africa, the Levant and South and Southeast Asia. EAAIF provides various debt products on commercial terms to infrastructure projects primarily owned, actively managed, and operated by the best in private sector expertise. The Fund helps create the infrastructure framework that is essential to stimulate economic stability, business confidence, job creation and poverty reduction. EAAIF’s committed loan portfolio is USD 1.5 billion, invested across 25 countries and 10 infrastructure sectors. EAAIF is part of the Private Infrastructure Development Group (PIDG). EAAIF was established and substantially funded by the governments of the United Kingdom, The Netherlands, Switzerland, and Sweden. In addition, it raises its debt capital from public and private financiers. EAAIF is managed by Ninety One.

The Private Infrastructure Development Group (PIDG) is an innovative infrastructure project developer and investor which mobilises private investment in sustainable and inclusive infrastructure in sub-Saharan Africa and south and south-east Asia. PIDG investments promote socio-economic development within a just transition to net zero emissions, combat poverty and contribute to the Sustainable Development Goals (SDGs). PIDG delivers its ambition in line with its values of pioneering, partnership, safety, inclusivity, and urgency.

PIDG offers Technical Assistance for upstream, early-stage activities and concessional capital; its project development arm InfraCo invests in early-stage project development and project and corporate equity. PIDG credit solutions include EAAIF (the Emerging Africa & Asia Infrastructure Fund), one of the first and more successful blended debt funds in low-income markets; GuarantCo, its guarantee arm that provides credit enhancement and local currency solutions to de-risk projects; and a growing portfolio of local credit enhancement facilities, which unlocks domestic institutional capital for infrastructure financing.

Since 2002, PIDG has supported 258 infrastructure projects to financial close, which provided an estimated 232 million people with access to new or improved infrastructure. PIDG is funded by the governments of the United Kingdom, the Netherlands, Switzerland, Australia, Sweden and Global Affairs Canada..

Ninety One is an active, global investment manager managing $191.5 billion in assets (30.06.25). Our goal is to provide long-term investment returns for our clients while making a positive difference to people and the planet. Established in South Africa in 1991, as Investec Asset Management, the firm began as a small start-up offering domestic investments in an emerging market. In 2020, as a global firm proud of our emerging market roots, we demerged to become Ninety One.  We are committed to developing specialist investment teams organically. Our heritage and approach let us bring a different perspective to active and sustainable investing across equities, fixed income, multi-asset and alternatives to our clients – institutions, advisors and individual investors around the world.