World Bank invests billions in South African tech group to deliver universal internet

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The World Bank’s International Finance Corporation (IFC) has partnered with Liquid Intelligent Technologies of South Africa to expand data center capacity and fiber optic cable deployment across Africa.

This is part of an effort to support universal and affordable broadband access in Africa, the IFC said in a statement on Monday, November 8.

IFC’s equity and debt investments in Liquid Intelligent Technologies – which to date total around $ 250 million (Rand 3.7 billion) – will help the company grow its data center capacity on a massive scale in Egypt, Kenya, Nigeria and South Africa. via its subsidiary Africa Data Centers.

The investments will also support Liquid Intelligent Technologies in the further deployment of its high-speed fiber optic network, which today covers more than 100,000 kilometers in sub-Saharan Africa.

The continued development of its network will help connect businesses and individuals to the internet across the continent and position Liquid intelligent Technologies at the forefront of Africa’s digital transformation with the provision of complementary digital services, the said. IFC.

“We are very pleased that IFC continues to support Liquid. Investments in our data centers and our fiber optic broadband network will directly support our growth plans over the next few years by encouraging the adoption of new services such as the Cloud and other digital services, which are essential to the business. sustainable development in Africa, ”said Strive Masiyiwa. , executive chairman and founder of Liquid Intelligent Technologies.

“Digital technologies are rapidly transforming the way people, businesses and governments communicate, process and access information and services.

“By working with Liquid Intelligent Technologies, we can help expand access to digital infrastructure and services that power Africa’s digital economy, creating new opportunities for growth and jobs. It is essential for Africa’s economic transformation and for better rebuilding, ”said Makhtar Diop, Managing Director of IFC.

IFC’s latest investment in Liquid follows its investment in the company in February 2021 through Liquid’s bond placement on Euronext Dublin, Ireland’s main stock exchange. The issue raised $ 620 million (Rand 9.3 billion).


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