Tuesday
October 4
2022

Wiocc Secures R540-Million Equity Investment for Expansion in Africa

Wiocc Group has secured a $30-million equity investment from the International Finance Corporation as it ramps up investment in fibre networks and data centres.

Wiocc Group, the pan-African telecommunications and data centre infrastructure company, has secured a US$30-million (R540-million) equity investment from the International Finance Corporation (IFC).

Wiocc, which was one of the original investors in the Eassy submarine broadband cable system along Africa’s east coast, is aggressively deploying fibre and data centre infrastructure across the continent.

The investment in Wiocc builds on the IFC’s previous financing to Wiocc Group, which included a $20-million loan issued in 2020 issued by its fast-track Covid-19 financing facility, which was set up to help sustain economies and preserve jobs during the pandemic.

The IFC was one of Wiocc’s founding lenders in 2007, said Wiocc CEO Chris Wood.

Photo courtesy of Simon Berry.

Source: TechCentral (link opens in a new window)

Categories
Investing, Technology
Tags
data, digital inclusion, infrastructure, investment, technology, telecommunications