Bank of Kigali on March 26 led a consortium of local lenders in signing a landmark telecom infrastructure financing deal under Project Zorro, supporting the acquisition of 1,467 telecom tower sites now operated by Ishara Towers Rwanda Ltd, formerly IHS Rwanda. The agreement, announced at the bank’s headquarters in Kigali, brought together the Development Bank of Rwanda (BRD), BPR Bank, I&M Bank, Ecobank, and Access Bank in one of the country’s largest syndicated transactions, backing Paradigm Tower Ventures’ entry into Rwanda’s market and reinforcing the critical infrastructure that supports mobile connectivity, internet access, and digital services nationwide. ALSO READ: Nine-month results show solid growth momentum for Bank of Kigali According to the Chief Executive Officer at Paradigm Tower Ventures, Gordon Porter, this transaction is one of the largest debt syndications of its kind in Rwanda, highlighting both its scale and the level of collaboration involved across the country’s banking sector. He noted that the deal brought together six banks representing the vast majority of Rwanda’s financial industry, a level of coordination he described as rare. “This is among the largest transactions of its kind... representing over 90 per cent of Rwanda’s banking sector. From the outset, both Paradigm and Ishara have been committed to securing Rwandan participation. And the franc funding back to our business is key,” he said. “This transaction delivers exactly that; we have wider local participation. Our liability profile is largely denominated in franc. But 90 per cent of our revenue is in franc, with a small balance being linked to the USD, so this alignment absolutely strengthens our stability and resilience.” Porter emphasised that the structure of the deal was deliberately designed to enable strong local participation, with financing largely denominated in Rwandan francs to align with the company’s revenue streams. He added that this approach strengthens financial stability while embedding the business more deeply within the local economy. He further positioned Rwanda as a strategic starting point for the company’s broader ambitions, noting that the acquisition of Ishara Towers Rwanda forms the foundation for building a Pan-African telecom infrastructure platform, with potential expansion into markets such as Kenya, Ghana, and Mauritius. ALSO READ: How Bank of Kigali is strengthening Rwanda’s agricultural value chains Dr. Diane Karusisi, the Chief Executive Officer at Bank of Kigali underscored the significance of the deal as a reflection of both confidences in the business and the strength of Rwanda’s financial sector in executing complex transactions. She commended the collaboration between participating banks and stakeholders, noting the extensive effort behind structuring and closing the deal. “This is really a testament to the confidence we have in this business and this transaction reflects the growing capacity of Rwanda’s financial sector to support complex and long-term investments. More importantly, it contributes to strengthening the infrastructure that enables connectivity, innovation, and economic participation,” she said. Karusisi pointed to Rwanda’s conducive business environment and regulatory framework as key enablers, allowing local banks to underwrite large-scale infrastructure investments. She added that such transactions demonstrate the growing role of Rwanda’s banking sector not only as financiers, but also as long-term partners in strategic projects. Looking ahead, she expressed optimism about the project’s growth trajectory and signaled the bank’s willingness to support similar initiatives in the future.
