Africell’s $300 million bond issue strengthens Africa’s capital markets.
The Emerging Africa & Asia Infrastructure Fund (EAAIF) has made a significant investment of $28 million as the sole impact investor in Africell’s $300 million bond issuance, which was oversubscribed with an impressive $550 million orders.
Africell is Africa’s only US-owned mobile network operator, serving approximately 14 million subscribers in various countries, including Angola, the DRC, The Gambia, and Sierra Leone. The bond funds will enhance mobile connectivity and support market growth in these regions.
Managed by Ninety-One Group, EAAIF aims to strengthen African and Southeast Asian capital markets. An executive from Africell underscored the critical role played by EAAIF in fostering investor confidence. This bond issuance represents a significant milestone for Africa’s financial landscape, mainly as it is the first for both The Gambia and Sierra Leone.
A director from Ninety-One highlighted the importance of directing private capital to stimulate economic growth in emerging markets, where access to international bond markets remains limited.
