WIOCC gets $41m from IFC, Proparco for Africa's digital infrastructure

BREAKING NEWSJune 20, 2024 at 9:29 AM UTC

TLDR

IFC and Proparco provide $41 million financing to WIOCC Group for expansion in DRC, Nigeria, and South Africa.
Funding supports growth of core and edge data centres, meeting demand for colocation and data services.
Expansion of fibre networks enhances connectivity, bridging digital gap and fostering economic development in Africa.

The IFC, a World Bank Group member, and Proparco have provided a $41 million financing package to WIOCC Group to support its expansion in three African countries.

The package includes $10 million and $11 million loans from IFC and $20 million from Proparco, a development finance institution and subsidiary of the Agence Française de Développement Group. WIOCC expects to secure an additional $10 million loan from another bank soon.

The funding will help WIOCC Group expand its core and edge data centres in the DRC, Nigeria, and South Africa to meet increasing demand for colocation and data centre services. It will also expand its fibre networks, aiding in bridging the digital divide and promoting economic growth across Africa.

Key Takeaways

Since its inception in 2008, WIOCC has invested in Africa’s digital backbone, providing open-access infrastructure to address the rising demand for reliable connectivity across the continent. The latest financing package arrives amid heightened investments in scaling digital infrastructure in Africa, which has the fastest-growing adoption of smartphones and internet usage. This funding will further enhance WIOCC's efforts to expand its data centres and fibre networks, supporting economic growth and bridging the digital divide.

WIOCC

IFC

Proparco

Agence Française de Développement Group

DFI

Investments

FDI

Data Centers

Digital Infrastructure

Fibre Network