The Credit Fund under the African Continental Free Trade Area (AfCFTA) Adjustment Fund has completed its first investment, committing US$10 million to Telecel Global Services Ltd through a senior secured amortising loan.
The transaction marks a critical milestone in the operational rollout of the Fund, which is designed to support African countries and private enterprises in adapting to the commercial and structural shifts brought by the continental free trade framework.
The Credit Fund is one of three financing vehicles within the broader AfCFTA Adjustment Fund, established jointly by the AfCFTA Secretariat and the African Export-Import Bank (Afreximbank). Its mandate is to provide transitional capital to both state and non-state actors as they respond to tariff reductions, regulatory alignment, and industrial integration under the AfCFTA.
Telecel Global Services, a subsidiary of the Mauritius-based Telecel Group, provides wholesale voice, SMS, and enterprise connectivity services to more than 250 telecom operators across Africa and globally. The investment will help the company expand its operations in Ghana and Liberia, upgrade its infrastructure, and enhance access to digital connectivity, seen as essential to trade, integration, and economic competitiveness across the continent.
“The closing of our first deal marks a historic milestone for the Credit Fund and the broader vision of the AfCFTA. This US$10 million investment in TelecelGlobal Services 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. It is our commitment to ensure that such investments continue to bridge critical gaps, stimulate economic resilience, and unlock Africa’s vast potential,” said Jean-Louis Ekra, Chairman of the Board, AfCFTA Adjustment Fund Corporation.
The transaction reflects the growing emphasis on digital infrastructure as a core enabler of intra-African trade, especially in markets underserved by legacy systems. By facilitating faster, more reliable cross-border communication and reducing operational bottlenecks, such investments are seen as directly supporting the goals of the African Continental Free Trade Area.
“This transaction demonstrates how the AfCFTA Adjustment Fund is beginning to serve its intended purpose – supporting State Parties and the private sector as we work to make this Agreement commercially meaningful. By investing in digital infrastructure, we are addressing some of the most critical enablers of trade facilitation, industrialisation, and regional value chain development,” said H.E. Wamkele Mene, Secretary-General of the AfCFTA Secretariat.
Afreximbank, which administers the Fund, described the investment as part of a deliberate strategy to ensure that African businesses are not left behind in the digital transition underpinning the AfCFTA.
“Today, we make another bold statement of our unwavering intent to ensure that Africans reap the benefits of the African Continental Free Trade Agreement. We are proud to have commenced the operationalisation of the Credit Fund.
“With this Fund, we will provide vital support to African corporates, helping them retool and expand their operations necessary to capitalise on the AfCFTA opportunities. The investment strengthens a critical enabler, the digital economy and regional connectivity, while reinforcing our long-term commitment to transforming the structure of the African economy,” said Prof. Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank.
The deal is also the first under the Fund’s management by FEDA, the Fund for Export Development in Africa, which aims to deploy capital in sectors aligned with the AfCFTA’s broader objectives of industrialisation and inclusive growth.
“This investment exemplifies the strategic intent of the Credit Fund, to catalyse growth and resilience in sectors that are vital for Africa’s structural transformation. We are proud to partner with Telecel, whose operations directly advance intra-African connectivity and digital trade,” said Marlene Ngoyi, CEO of FEDA.
The Fund’s operational focus includes investing in commercially viable projects that reduce trade frictions, enable export growth, and help businesses scale within regional value chains. In this context, the Telecel investment is seen as the first of many to follow, especially in high-impact sectors such as ICT, transport, and logistics.
