US development agency to back Liquid Telecom in $225m raise
TLDR
- Liquid Telecommunications in South Africa to secure $225 million equity funding, with major contribution from International Development Finance Corporation (DFC).
- CEO Hardy Pemhiwa expects $90 million tranche from IDFC soon, boosting Liquid Telecom's financial position for continental expansion.
- Investment from DFC pivotal for Liquid Telecom’s capital-raising journey and expansion plans in Africa.
South Africa's Liquid Telecommunications, a prominent fiber company, is on track to secure $225 million in equity funding by the end of the year.
A significant portion of this investment will come from the International Development Finance Corporation (DFC), a U.S. development agency, according to a report by Bloomberg.
Hardy Pemhiwa, CEO of Liquid Telecom, indicated that the IDFC will majorly contribute to an imminent $90 million tranche, expected in the coming weeks. This investment represents a critical step in Liquid Telecom’s ongoing capital-raising endeavors, further strengthening its financial position and supporting its expansion efforts across the continent.
Key Takeaways
This investment aligns with Liquid Telecommunications' ambitious plans, including its collaboration with Google to build extensive terrestrial fiber networks across several African countries, including South Africa, Kenya, Uganda, Rwanda, Zambia, Zimbabwe, and the Democratic Republic of the Congo (DRC). This infrastructure will enhance connectivity for data centers and provide a vital alternative to subsea cables, ensuring more reliable internet access across the region. Liquid's expansion reflects the rising demand for high-speed internet and data storage solutions throughout Africa, marking a pivotal step in addressing the continent's growing digital needs.
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