People
Over 900,000 people are expected to benefit from improved quality of service.
| Company | IHS Towers |
| Sector | Telecommunications infrastructure |
| Country | Multiple in Sub-Saharan Africa |
| Total Project Cost | USD 1.2bn |
| PIDG Commitment |
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| Dates of PIDG involvement |
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Digital connectivity is a cornerstone of Africa’s economic development and social progress. However, significant infrastructure gaps persist across the continent, hindering access to reliable and affordable mobile internet. Bridging this digital divide is essential to unlock vast economic potential, foster innovation, and enable millions to participate in the burgeoning digital economy, which could generate an estimated USD 180 billion of additional output across Africa.
PIDG through EAAIF acted as a co-anchor investor in IHS Holding Limited’s (IHS Towers) USD 1.2 billion bond issuance. This landmark, oversubscribed bond – attracting over USD 2.3 billion – highlights growing investor appetite for well-structured infrastructure opportunities in emerging markets. EAAIF’s USD 30 million commitment played a catalytic role, reinforcing the Fund’s position as a pioneer in debt capital solutions for telecom infrastructure in Africa. Bond proceeds will refinance existing debt and support growth in IHS Towers’ African subsidiaries, including Cameroon, Côte d’Ivoire, Nigeria, Rwanda, South Africa, and Zambia.
Over 900,000 people are expected to benefit from improved quality of service.
With the construction of additional tower sites and opening existing towers for other operators, mobile operators will be able to expand the reach of their services both in terms of geography (especially in rural areas) and capacity.
The participation of foreign investors in IHS’s bond issuance will diversify and deepen the capital pool available to infrastructure developers in an increasingly volatile market. This transaction is expected to create a demonstration and replication effect.
