People
c. 600 short-term jobs during construction and c. 20 long-term jobs during operations expected to be available for employment.
| Investee Company | Sonatel |
| Sector | Digital Communications Infrastructure |
| Country | West African Economic and Monetary Union (WAEMU) |
| PIDG Commitment |
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| Dates of PIDG involvement |
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West Africa’s digital transformation depends on continuous investment in networks (mobile, fibre, data), yet many operators face limited access to long-tenor, local-currency financing. At the same time, regional pension funds and insurers need stable, investable instruments—yet have relatively few infrastructure-linked opportunities structured to match their duration and risk needs.
Bank lending alone cannot meet the scale of capital required for digital infrastructure growth. Without credible capital-market instruments, the region’s domestic savings are less likely to be channelled into productive infrastructure—slowing digital inclusion and limiting private-sector productivity gains.
PIDG, through EAAIF, anchored the FCTC Sonatel asset-backed security to help mobilise institutional capital and demonstrate securitisation as a bankable, scalable funding pathway in WAEMU capital markets. By participating early and credibly, EAAIF helped de-risk the issuance and enable broader investor participation.
The structure converts predictable telecom receivables into a rated instrument suitable for long-term investors. Proceeds support Sonatel’s investment programme, including network upgrades, data capacity expansion, and digital services such as mobile money.
c. 600 short-term jobs during construction and c. 20 long-term jobs during operations expected to be available for employment.
Users are expected to benefit from improved quality of services (speed, coverage, and data capacity), boosting productivity and efficiency for local businesses.
The project demonstrates viable securitisation structures in WAEMU markets, expanding the infrastructure finance toolkit and opening new pathways for domestic savings to fund productive assets.
