The African Continental Free Trade Area (AfCFTA) Adjustment Fund has made an investment of $10 million to Telecel Global Services Ltd under its Credit Fund, marking the first disbursement since the establishment of the fund. The Credit Fund is one of three funds under the AfCFTA Adjustment Fund, hosted in Kigali, that aims to provide targeted transitional support to AfCFTA State Parties and private sector entities as they adjust to the requirements and opportunities presented by the AfCFTA. According to a statement released on July 8, this transaction is through a senior secured amortising loan and it will expand the work of Telecel Global Services –a subsidiary of the Mauritius-based Telecel Group which provides wholesale voice and SMS services and enterprise connectivity solutions to more than 250 telecom operators across Africa and the globe. Wamkele Mene, Secretary-General of the AfCFTA Secretariat, said that this investment demonstrates how the AfCFTA Adjustment Fund is beginning to serve its intended purpose of supporting State Parties and the private sector to make the continental 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,” he said in a statement. ALSO READ: What Rwandan SMEs expect from $10bn AfCFTA Fund in 2025 Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said: “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.” According to him, this investment strengthens a critical enabler, the digital economy and regional connectivity, while reinforcing the institution’s long-term commitment to transforming the structure of the African economy. The statement further indicates that this facility will support Telecel’s expansion in Ghana and Liberia, strengthen its infrastructure, and contribute to bridging Africa’s digital divide through enhanced connectivity and digital inclusion. “By investing in digital infrastructure in underserved markets, the Fund is helping reduce trade barriers, foster cross-border productivity and accelerate inclusive industrialisation.” ALSO READ: Rwanda to host continental facility to boost intra-African trade Marlene Ngoyi, CEO of Fund for Export Development in Africa (FEDA) – the fund manager of the AfCFTA Adjustment Fund, maintained that the latest investment exemplifies the strategic intent of the Credit Fund of catalysing 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,” she noted. Established by the AfCFTA Secretariat and African Export-Import Bank (Afreximbank) in 2023, the $10billion AfCFTA Adjustment Fund aims at supporting all initiatives geared towards the implementation of intra-African trade. The Fund consists of three sub-funds: The Base Fund, the General Fund, and the Credit Fund. The Base Fund will utilise contributions from AfCFTA state parties as well as grants and technical assistance to address tariff revenue losses, infrastructure deficits to facilitate trade growth and possible supply chain disruptions that would result from the implementation of the AfCFTA Agreement. The General Fund will finance the development of trade-enabling infrastructure while the Credit Fund will be used to mobilise commercial funding to support both the public and private sectors enabling them to adjust and take advantage of the opportunities created by the AfCFTA.
