WIOCC, an African digital network builder, has secured $65 million in investment from development-focused institutions to enhance internet access across the continent. This funding will significantly boost connectivity in a region where only 38% of the population was online in 2024, compared to a global average of 68%.
The International Finance Corporation (IFC), the Private Infrastructure Development Group (PIDG), Proparco, and investment manager Ninety One are collectively providing this substantial financing. IFC is contributing $20 million, PIDG is committing $15 million through its Emerging Africa & Asia Infrastructure Fund (EAAIF), and both Ninety One and Proparco are investing $15 million each.
WIOCC's current infrastructure includes approximately 75,000 kilometers of terrestrial fiber and 200,000 kilometers of submarine cables, along with an expanding network of data centers. The investment will support WIOCC's expansion efforts, particularly in Nigeria, where there is a growing demand for reliable, high-speed internet.
The EAAIF's investment is a $15 million senior secured loan facility with a 10-year term. This funding is sustainability-linked, with key performance indicators including EDGE certification for new data centers and power usage effectiveness targets for existing facilities. Puleng Pitso, an investment specialist at Ninety One, emphasized the potential for digital connectivity to drive economic growth in Africa, unlocking opportunities for entrepreneurs and industries.
PIDG's commitment aligns with its mission to mobilize private capital for sustainable and inclusive infrastructure in emerging markets, supporting the net-zero transition. Proparco, a long-term partner of WIOCC, believes this investment will strengthen a critical network that plays a significant role in Africa's internet traffic.
This investment follows a previous $100 million debt package provided by Proparco and the EAIF in 2020, showcasing the ongoing support for WIOCC's digital infrastructure development in Africa.
