Kigali — A consortium of Rwandan banks has successfully closed a landmark financing deal under Project Zorro, marking a major step in strengthening the country’s telecom infrastructure and digital economy.
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The transaction supports the acquisition of IHS Rwanda Limited—now rebranded as Ishara Towers Rwanda Ltd—and is tied to Paradigm Tower’s purchase of 1,467 telecom tower sites across the country. The deal ushers in a new long-term operator with ambitions to expand connectivity infrastructure both within Rwanda and across the region.
These towers are a backbone of Rwanda’s communications network, enabling mobile services, internet access and digital platforms relied upon by millions. They also support essential services such as mobile money, enterprise connectivity and access to online tools that increasingly drive business and everyday life.
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Bank of Kigali Plc acted as Lead Arranger on the deal, working alongside BRD, BPR, I&M Bank, Ecobank and Access Bank to structure and deliver the financing—bringing together a significant share of Rwanda’s banking sector in a rare show of coordination.
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“This transaction reflects the growing capacity of Rwanda’s financial sector to support complex and long-term investments,” said Dr. Diane Karusisi, CEO of Bank of Kigali. “More importantly, it contributes to strengthening the infrastructure that enables connectivity, innovation and economic participation.” Paradigm Tower Ventures CEO Gordon Porter described the deal as one of the largest debt syndications of its kind in Rwanda, noting that it brought together six banks representing over 90 percent of the country’s banking sector.
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“From the outset, both Paradigm and Ishara have been committed to securing strong Rwandan participation,” he said. “Our liability profile is largely denominated in franc, and with about 90 percent of our revenue also in franc, this alignment strengthens our stability and resilience.”
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Rwanda has made notable progress in expanding digital access, achieving near-universal mobile network coverage while continuing to invest in next-generation technologies such as 4G and 5G. However, demand for connectivity remains high, particularly in underserved areas, with the country estimated to require hundreds of additional towers to extend internet access nationwide.As Rwanda advances its ambition to become a knowledge-based, digitally driven economy, investments in infrastructure such as telecom towers are seen as critical to enabling innovation, improving service delivery and supporting growth across sectors.
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Project Zorro highlights a broader shift in how infrastructure is financed and developed in Rwanda—combining local financial capacity with long-term investment strategies to support assets central to the country’s digital future.
