EBRD’s first investment in Senegal to boost connectivity in Africa

• €270 million in long-term financing to support African telecoms champion Yas in expanding digital infrastructure
• Landmark transaction marking the EBRD’s first local-currency financing and first A/B loan in sub-Saharan Africa
• Investment to strengthen competition, improve service quality and support inclusive digital growth

The European Bank for Reconstruction and Development (EBRD) is providing a senior loan of up to €270 million to Yas, a leading pan-African telecommunications company owned by AXIAN Telecom, to support the expansion of digital infrastructure and improve connectivity across Africa.

The investment marks the EBRD’s first project in Senegal and is a landmark transaction for the Bank in sub-Saharan Africa, combining long-term financing, local-currency support and the mobilisation of institutional capital.

The financing includes a committed facility of up to €170 million to support Yas’ capital expenditure programme in Senegal and Kenya. This comprises a €100 million EBRD A-loan, a B-loan of up to €50 million to be syndicated to institutional investors under an A/B loan structure, and a local-currency facility of up to €20 million equivalent in Kenyan shillings. The project is the first EBRD local-currency financing in sub-Saharan Africa and the first EBRD A/B loan in the region. ILX Fund, an Amsterdam-based impact private credit fund focused on emerging markets, will invest a sizeable amount in the B-loan.

The loan also includes an uncommitted facility of up to €100 million to support eligible future acquisitions by Yas and capital expenditure in selected EBRD countries of operation in sub-Saharan Africa.

In Senegal, the financing will support the expansion and modernisation of Yas Senegal’s active 4G and 5G mobile networks, strengthen core infrastructure and accelerate fibre deployment. In Kenya, it will support the modernisation and expansion of fibre infrastructure following Yas’ acquisition of Wananchi in 2025, helping to improve service quality, operational performance and broadband availability in one of East Africa’s most competitive digital markets.

The investment is expected to strengthen competition in the telecoms sectors in Senegal and Kenya by supporting the growth of major regional operators and improving access to reliable and affordable digital services.

Yas has also committed to increasing female representation across its workforce and management teams and to introducing initiatives designed to support women’s participation in the digital economy through inclusive and targeted skills development.

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, said: "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, said: “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.”

Stemming from Madagascar, Yas is one of the fastest-growing companies on the continent. It operates in 11 markets across Africa and the Indian Ocean, with a growing presence in Senegal and Kenya. Yas operates in three key business segments: mobile and fixed networks, fintech services, and digital infrastructure, including towers, backbone networks and data centres.

Senegal and Kenya became EBRD shareholders and countries of operation in 2025. The Bank’s work focuses on supporting private sector-led growth, helping to address infrastructure gaps, promote economic diversification and support climate-resilient development.