The Emerging Africa Infrastructure Fund (EAIF), managed by Ninety One, is to invest up to XOF29.5 billion ($50 million equivalent) in a bond issue that aims to raise XOF100 billion ($170 million) for investment in the Senegal business of Sonatel SA, a West African telecommunications company.

Sonatel’s bond, which was launched on the 15th of June, will have a seven year term with a coupon rate (interest paid to investors) of 6.50%, payable twice a year. Sonatel will use the bond proce...