Dubai, United Arab Emirates, February 6, 2024 – Africa Credit Opportunities Fund (ACOF) and Telecel Group are pleased to announce a US$20M debt investment into Telecel Global Limited, to propel telecommunications expansion across West Africa.

Africa Credit Opportunities Fund (ACOF), a pioneering private credit fund, and Telecel Group, a prominent player in the African telecommunications sector, are delighted to announce their collaboration on a US$20M investment in Telecel Global Services, which will be targeted for the Telecel Global Services’ expansion in West Africa. This strategic partnership underscores their joint commitment to advancing connectivity, fostering innovation, and bridging the digital divide throughout Africa. ACOF is a joint-venture arrangement between Gateway Partners and the Fund for Export Development in Africa (FEDA), the development impact investment platform of African Export-Import Bank (Afreximbank).

The collaboration between ACOF and Telecel Group underscores the importance of private investment in driving innovation and progress within the African telecommunications industry. This partnership is not only poised to benefit Telecel Global Services but also holds significant potential for job creation, technological advancement, and overall economic development across the continent.

Andrew Bainbridge, CEO of ACOF, expressed confidence about the impact of the collaboration stating, “Through this strategic investment into West Africa’s telecommunications landscape, ACOF and Telecel Group continue to forge pathways for connectivity and empowerment. This debt investment not only represents a sound financial opportunity but reaffirms our commitment to catalyzing digitalization and e-commerce across the continent.”

For Telecel, this investment stands as a resounding vote of confidence in its business model and its ambitious growth path. It symbolizes the company’s unwavering dedication to providing cutting-edge telecommunications solutions to its rapidly expanding customer base in Africa. Telecel Global Services remains steadfast in its vision to transform the telecommunications landscape across the continent and bridge the digital divide.

Moh Damush, CEO of Telecel Group, commented on the collaboration, stating, “We are excited to collaborate with ACOF on this transformative venture. This investment not only validates Telecel’s growth potential but also reflects our shared vision of creating a more connected and digitally inclusive Africa.”

About ACOF

ACOF’s targeted fund size of US$400M is anchored by FEDA with a US$125M commitment. This Fund is a unique platform bringing together the institutional expertise and relationships of both Gateway Partners and FEDA to provide much-needed financing solutions to African businesses. Committed to fostering economic development, ACOF prioritizes opportunities with high developmental impact, aiming to facilitate trade, create jobs, and enhance living standards.

ACOF will help address the gap in the supply of credit to the private sector in Africa by providing term credit to high-quality borrowers seeking growth funding and trade-related finance. ACOF aims to deliver development impact and job creation by improving access to credit for middle market companies, thereby helping this sector realize its potential to double intra-African trade over the next decade. For more information, visit: https://gatewayfund.net

About Telecel Group

Telecel is an international telecom company with a disruptive approach rooted in African identity, holding a group of mobile operators, telecom service providers and startup accelerator. The company’s commitment to communities goes beyond mobile communication, fostering growth, and promoting fintech, entrepreneurship, innovation, productivity, and sustainability.

Telecel is dedicated to unlocking boundless possibilities through the seamless fusion of diverse ideas and perspectives. For more information, visit: www.telecelgroup.com