WIOCC Group Set to Enhance African Connectivity with $50M Investment

The West Indian Ocean Cable Company (WIOCC) Group, a leading provider of high-capacity connectivity, is poised to secure more than $50 million in funding from a consortium of international institutions to bridge Africa's digital divide. This substantial investment will support WIOCC's expansion in Nigeria, South Africa, and the Democratic Republic of the Congo (DRC), aiming to improve the continent's digital infrastructure and connectivity.

The financing comes from several prominent institutions, including the International Finance Corporation (IFC), part of the World Bank Group; Proparco, a subsidiary of the Agence Française de Développement Group; and RMB Corvest, a private equity firm. Specifically, the package comprises loans of $10 million from IFC, an additional ZAR 200 million ($11.07 million), and $20 million from Proparco.

In the coming weeks, WIOCC is expected to finalize a $10 million loan agreement with RMB Corvest to support its Nigerian expansion. This funding is structured as sustainability-linked debt, with interest rates tied to WIOCC's goals for improving energy efficiency and obtaining EDGE green building certification. Provided by IFC, EDGE certification ensures that data centres are resource-efficient and carbon-neutral.

This financial boost will allow WIOCC to advance its plans for expanding core and edge data centres in Nigeria, South Africa, and the DRC, thus meeting the growing demand for data centre services across these key regions.

Source: Osamu Ekhator / Techpoint Africa