The European Bank for Reconstruction and Development (EBRD) has signed a landmark financing agreement of up to €270 million with Yas, a fast-growing pan-African telecommunications company, to expand digital infrastructure and enhance connectivity across key African markets.
The senior loan represents the EBRD’s first investment in Senegal and sets two historic precedents for the Bank in sub-Saharan Africa: its first local-currency financing and its first A/B loan structure in the region. The deal combines long-term funding with the mobilisation of institutional capital to support Yas’ ambitious growth plans.
The financing package includes a committed facility of up to €170 million dedicated to capital expenditure in Senegal and Kenya. This comprises a €100 million EBRD A-loan, a syndicated B-loan of up to €50 million, and a local-currency facility of up to €20 million equivalent in Kenyan shillings.
Amsterdam-based impact private credit fund ILX Fund is participating significantly in the B-loan. An additional uncommitted facility of up to €100 million has been set aside for future acquisitions and expansion in other EBRD countries of operation in sub-Saharan Africa.
In Senegal, the funds will drive the expansion and modernisation of Yas Senegal’s 4G and 5G mobile networks, strengthen core infrastructure, and accelerate fibre optic deployment. In Kenya, the investment will support the modernisation and expansion of fibre infrastructure following Yas’ 2025 acquisition of Wananchi, aiming to improve service quality and broadband access in one of East Africa’s most dynamic digital markets.
The investment is expected to intensify competition, enhance service quality, and promote inclusive digital growth by improving access to reliable and affordable connectivity for businesses and citizens.
Yas has also committed to increasing female representation across its workforce and leadership while rolling out targeted initiatives to boost women’s participation in the digital economy through skills development.
“I am very pleased to sign this first investment agreement with Yas, which reflects the EBRD’s commitment to strengthening digital connectivity,” said EBRD President Odile Renaud-Basso. “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.”
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Hassan Jaber, Group CEO of Yas, described the deal as a game-changer for the company. “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 said.
“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, added: “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.”
Originating from Madagascar, Yas is one of Africa’s fastest-growing telecom players, operating in 11 markets across the continent and the Indian Ocean. The company maintains a strong presence in mobile and fixed networks, fintech services, and digital infrastructure including towers, backbone networks, and data centres.
