R3.77 Billion for Fiber and Data Center Expansion in Africa

Telecommunications firm Liquid Intelligent Technologies has partnered with the International Finance Corporation (IFC) to expand its data center capacity and increase fiber cable rollout in Africa.

Through the partnership, Liquid’s subsidiary Africa Data Centers has received IFC equity and debt investments amounting to approximately $250 million (R3.77 billion) to support its hyperscale data center capacity in Egypt, Kenya, Nigeria and South Africa.

This money will also support the continued rollout of Liquid’s fiber broadband network, which currently spans more than 100,000 kilometers in Sub-Saharan Africa.

The IFC said further building the Liquid network would help connect businesses and individuals on the internet across the continent and position Liquid to be at the forefront of Africa’s digital transformation offering complementary digital services.

“As the population of Africa grows and becomes more urbanized, data usage is expected to grow strongly and with it the need for secure local data hosting,” the IFC said.

Strive Masiyiwa
Strive Masiyiwa, Executive Chairman and Founder of Liquid Intelligent Technologies.

The executive chairman and founder of Liquid Intelligent Technologies, Strive Masiyiwa, said the company was pleased with the continued support of the IFC.

“The investments in our data centers and fiber broadband network will directly support our growth plans in the coming years by encouraging the adoption of new services, such as cloud and other digital services, services that are critical to driving sustainable development across Africa,” he said. Masiyiwa. .

The IFC’s latest investment follows the issuance of liquid bonds on Euronext Dublin, Ireland’s main stock exchange, raising $620 million (R9.33 billion) for the company.

According to the Broadband Commission on Sustainable Development, sub-Saharan Africa will need approximately $100 billion (R1.5 trillion) in investment to achieve universal, affordable, and high-quality broadband access by 2030.

At least 250,000 km of new fiber will also be needed.

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