The European Bank for Reconstruction and Development (EBRD) has approved a senior loan of up to €270 million for pan-African telecommunications company Yas, owned by AXIAN Telecom, to accelerate the expansion of digital infrastructure and improve connectivity across Africa.
The investment represents the EBRD’s first project in Senegal and its first local-currency financing in sub-Saharan Africa, marking a significant milestone in the bank’s growing engagement across the region. The financing package combines long-term funding, local-currency support, and institutional capital mobilisation to strengthen telecommunications infrastructure in key African markets.
Financing Details
Under the agreement, the EBRD will provide a committed financing facility of up to €170 million to fund Yas’ capital expenditure programmes in Senegal and Kenya. The package includes a €100 million EBRD A-loan, a B-loan of up to €50 million that will be syndicated to institutional investors under an A/B loan structure, and a local-currency facility equivalent to up to €20 million in Kenyan shillings.
The transaction is also the EBRD’s first A/B loan structure in sub-Saharan Africa. Amsterdam-based impact private credit investor ILX Fund will participate as a major investor in the syndicated B-loan.
An additional uncommitted facility of up to €100 million has been included to finance eligible future acquisitions by Yas and support capital expenditure projects in selected EBRD countries of operation across sub-Saharan Africa.
In Senegal, the financing will fund the expansion and modernisation of Yas Senegal’s 4G and 5G mobile networks, strengthen its core telecommunications infrastructure, and accelerate fibre-optic deployment. In Kenya, the funds will support fibre network upgrades following Yas’ acquisition of internet service provider Wananchi in 2025, improving broadband quality, network reliability, and operational efficiency in one of East Africa’s most competitive digital markets.
The investment is expected to boost competition in both countries’ telecommunications sectors by enabling stronger local operators to expand affordable and reliable digital services.
EBRD President Odile Renaud-Basso described the agreement as an important step in strengthening digital connectivity across Africa, saying the investment would help build more resilient and competitive markets while attracting additional institutional capital for sustainable development and innovation.
Yas Group Chief Executive Officer Hassan Jaber said the financing, the largest ever secured by the group would significantly accelerate the company’s investments in 4G, 5G and fibre infrastructure in Senegal and Kenya, where expanding network coverage remains a priority.
ILX Fund Chief Investment Officer Kirstine Damkjaer noted that Africa is among the world’s fastest-growing digital markets, adding that improved connectivity is critical for economic growth, financial inclusion and job creation across the continent.
About Yas
Originally established in Madagascar, Yas has grown into one of Africa’s fastest-expanding telecommunications companies. It currently operates in 11 markets across Africa and the Indian Ocean, providing mobile and fixed telecommunications services, fintech solutions, and digital infrastructure including telecom towers, backbone networks and data centres.
Senegal and Kenya became shareholders and countries of operation for the EBRD in 2025, with the bank focusing on supporting private sector-led economic growth, infrastructure development, economic diversification and climate-resilient investment across both countries.
