AfCFTA Credit Fund Makes First $10M Investment in Telecel for Digital Expansion

The Credit Fund, managed by the Fund for Export Development in Africa (FEDA), targets commercially viable investments that can boost trade, stimulate industrialisation, and promote economic diversification.

The African Continental Free Trade Area (AfCFTA) Adjustment Fund has achieved a major milestone with the first official investment by its Credit Fund, committing US$10 million to Telecel Global Services Ltd through a senior secured amortising loan. This landmark transaction marks the official commencement of the Credit Fund’s operations and its mission to provide strategic, impact-driven capital to catalyse intra-African trade, infrastructure development, and economic resilience.

The AfCFTA Adjustment Fund: A Vehicle for Economic Transformation

The AfCFTA Adjustment Fund, a collaborative initiative between the AfCFTA Secretariat and the African Export-Import Bank (Afreximbank), was established to help State Parties and the private sector transition smoothly into the AfCFTA trade regime. The Fund is structured into three pillars:

1. Base Fund – Offers grants and technical assistance.

2. General Fund – Provides concessional loans and guarantees.

3. Credit Fund – Focuses on commercial financing to support bankable, transformational projects.

The Credit Fund, managed by the Fund for Export Development in Africa (FEDA), targets commercially viable investments that can boost trade, stimulate industrialisation, and promote economic diversification.

Telecel Global Services: A Strategic Investment

The Fund’s inaugural investment into Telecel Global Services Ltd, a subsidiary of Mauritius-based Telecel Group, represents a critical intervention in the digital infrastructure space—a sector central to realising AfCFTA’s ambitions of enhanced connectivity and regional economic integration.

Telecel provides wholesale voice and SMS services, as well as enterprise connectivity solutions, to more than 250 telecom operators across Africa and beyond. The US$10 million facility will fuel the company’s expansion into Ghana and Liberia, reinforcing its digital infrastructure, expanding service offerings, and reducing the digital divide in underserved areas.

The investment reflects the understanding that digital infrastructure is the backbone of modern trade, especially within the context of a continent-wide free trade agreement.

“This investment is a clear demonstration of how targeted capital can drive meaningful impact—accelerating digital connectivity, enabling intra-African trade, and supporting private sector-led development in priority sectors,” said Jean-Louis Ekra, Chairman of the AfCFTA Adjustment Fund Corporation Board.

Leadership Endorsements Highlight the Deal’s Strategic Importance

The announcement was met with praise and enthusiasm from leaders across AfCFTA’s institutions and partner bodies.

H.E. Wamkele Mene, Secretary-General of the AfCFTA Secretariat, stated:

“This transaction demonstrates how the AfCFTA Adjustment Fund is beginning to serve its intended purpose—supporting State Parties and the private sector to make this Agreement commercially meaningful. By investing in digital infrastructure, we are addressing critical enablers of trade facilitation, industrialisation, and regional value chain development.”

Prof. Benedict Oramah, President and Chairman of Afreximbank, described the deal as a bold affirmation of the Bank’s long-term vision for the continent:

“With the Credit Fund, we aim to provide vital support to African corporates, helping them retool and expand their operations necessary to capitalise on the AfCFTA opportunities. This investment reinforces our long-standing commitment to structural transformation and a vibrant digital economy.”

A Boost for Digital Inclusion and Trade Facilitation

The investment into Telecel is more than a business transaction—it’s a catalyst for inclusive digital access and cross-border productivity. As Africa pursues deeper economic integration under the AfCFTA framework, technology and connectivity are critical enablers for e-commerce, logistics, finance, education, and supply chain efficiency.

Marlene Ngoyi, CEO of FEDA and Fund Manager of the Credit Fund, emphasized:

“This investment exemplifies the strategic intent of the Credit Fund—to catalyse growth and resilience in sectors vital for Africa’s structural transformation. Telecel’s operations directly advance intra-African connectivity and digital trade.”

The Fund’s support will also unlock job creation, innovation ecosystems, and entrepreneurial opportunities, particularly in remote or underserved regions where infrastructure gaps persist.

Looking Ahead: Scaling Impact Across the Continent

With this first transaction complete, the Credit Fund is expected to accelerate deal-making across strategic sectors aligned with the AfCFTA's pillars. Future investments will prioritise:

• Infrastructure and logistics

• Agro-industrial value chains

• Energy access and efficiency

• Healthcare systems

• Financial technology and services

The Fund will continue to focus on commercially viable ventures that align with its triple mandate: trade enablement, economic diversification, and inclusive growth.

A Foundation for Resilient, Continental Trade

As the African Continental Free Trade Area moves from policy framework to full implementation, financial instruments like the Credit Fund provide the practical support required to operationalise regional integration goals. Through strategic investments such as this, the AfCFTA Adjustment Fund is ensuring that Africa’s private sector is not only ready but fully equipped to drive the continent’s next chapter of economic development.