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, according to a press release published on 09 July 2026. The transaction marks the EBRD’s first project in Senegal and is a landmark deal for the Bank in sub-Saharan Africa. It combines long-term financing, local-currency support and the mobilization of institutional capital.
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. Yas, which stems from Madagascar, 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. Its activities span mobile and fixed networks, fintech services, and digital infrastructure, including towers, backbone networks and data centers.
The financing includes a committed facility of up to €170 million to support Yas’ capital expenditure program in Senegal and Kenya. This comprises a €100 million EBRD A-loan, a B-loan of up to €50 million to be syndicated to private sector 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 modernization of Yas Senegal’s active 4G and 5G mobile networks, strengthen core infrastructure and accelerate fiber deployment. In Kenya, it will support the modernization and expansion of fiber infrastructure following Yas’ acquisition of Wananchi in 2025.
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.”
He added that this is the largest financing the group has ever raised and that it marks the start of an important new partnership for Yas and the EBRD.
The investment is expected to strengthen competition in the telecoms sectors in Senegal and Kenya by supporting the growth of key local operators and improving access to reliable and affordable digital services. Yas has also committed to increasing female representation across its workforce and management teams. It will introduce initiatives designed to support women’s participation in the digital economy through inclusive and targeted skills development. EBRD President Odile Renaud-Basso said the agreement reflects the Bank’s commitment to strengthening digital connectivity. Kirstine Damkjaer, Chief Investment Officer at ILX Fund, noted that 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.
