Finance

CDC Group pledges $50.9mln for ICT and digital projects in SSA

Tuesday, 21 September 2021 18:01
CDC Group pledges $50.9mln for ICT and digital projects in SSA

(Ecofin Agency) - CDC Group announced the investment of $50.9 million in the digital and ICT sectors in sub-Saharan Africa. Of this amount, $40 million will go to the Convergence Partners Digital Infrastructure Fund (CPDIF) managed by Convergence Partners, which is a specialist Africa-focused ICT fund manager. This first investment will boost connectivity and access to ICTs in Africa. Convergence Partners will make equity commitments in infrastructures based on the cloud, artificial intelligence, 5G and even in data centers and towers.

The remaining $10.9 million will be injected in Africa Mobile Networks (AMN), the 5th largest tower company operating in Africa. Through this commitment, CDC Group joins the consortium of investors with shares in Africa Mobile Network.

The British institution aims to extend digital connectivity and mobile network infrastructure to people living in remote areas. “We are proud to be investing our patient and flexible capital in two partners that align with our goals to help improve digital infrastructure. We are thrilled to back CPDIF and AMN with investments that will support Africa's digital transformation, connect millions of people across the continent, facilitate access to quality education and healthcare, enhance digital skills, and promote financial inclusion,” said Clarisa De Franco, Managing Director & Head of Private Equity Funds at CDC Group.

These new operations come a few days after two other investments made by the institution as part of its strategy to support intermediate companies in African markets.

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