WIOCC, an African digital network builder, has secured $65 million in investment to boost internet access across the continent, which currently has the world's lowest connectivity rates. The funding, sourced from development-focused institutions, will support WIOCC's expansion of high-speed internet and digital infrastructure, aiming to connect millions more people. With just 38% of Africa's population online in 2024, compared to a global average of 68%, the investment is crucial for bridging the digital divide. The International Finance Corporation (IFC), the Private Infrastructure Development Group (PIDG), Proparco, and investment manager Ninety One are providing the funds. The investment from the Emerging Africa & Asia Infrastructure Fund (EAAIF), managed by Ninety One, is a $15 million senior secured loan facility with a 10-year tenor, focusing on fiber-to-home networks in Nigeria, where demand for reliable, high-speed internet is growing rapidly. This facility is sustainability-linked, with key performance indicators including EDGE certification for new data centers and power usage effectiveness targets for operating facilities. Puleng Pitso, an investment specialist at Ninety One, emphasized the potential for inclusive growth, job creation, and innovation in Africa through enhanced digital connectivity. PIDG aligns its commitment with its strategy to mobilize private capital for sustainable and inclusive infrastructure, supporting economic growth and the net-zero transition in emerging markets. Ninety One's $15 million contribution is in local currency, enabling WIOCC's subsidiary Open Access Data Centres to build a new data center in South Africa and expand existing facilities. Proparco, a long-term partner of WIOCC, is also investing, with CEO Françoise Lombard highlighting the investment's role in strengthening a leading network that carries a significant portion of Africa's internet traffic, contributing to resilient, energy-efficient connectivity solutions in essential markets for economic transformation.
