As West and Central African governments push to accelerate their digital transformation, the question of how to finance the necessary infrastructure has become central. Regional data centers, interconnected fiber networks, and public digital service platforms require billions of dollars each year and increasingly complex financing structures. Nathalie Kouassi Akon, IFC’s regional director for the Gulf of Guinea, says private investors are more willing than ever to engage,if projects are well structured and regulatory frameworks become more coherent. In this conversation with Ecofin Agency at the Regional Summit on Digital Transformation in Cotonou on November 17–18, 2025, she discusses what sustainable investment requires, the limits of Africa’s digital ecosystem, and the prospects for a more integrated regional market.

Ecofin Agency: Digital infrastructure needs in West and Central Africa run into the billions each year. How does IFC assess private investors’ appetite for the region?

Nathalie Kouassi Akon: IFC estimates that West and Central Africa need roughly $6 billion a year in digital infrastructure investment. It is a rapidly growing region with mature operators, strong demand, rising Internet traffic, and business models that now have a proven track record.

Investor interest remains strong, but they are increasingly looking for well-structured projects and shared infrastructure: asset-sharing across operators and financial arrangements that combine private capital, public funds, and international financing. This collective approach lowers risk and improves long-term viability.

Ecofin Agency: What are the main challenges IFC faces when bringing together investors and donors for these digital infrastructure projects?

Nathalie Kouassi Akon: IFC works primarily with private investors, and the digital economy remains highly attractive as investment volumes in Africa show. But several fundamentals must be in place to engage private capital sustainably.

The first is regulation. Investors want rules that are clear, stable, and predictable. In this region, major efforts are still needed to allow operators active in several markets to provide services without unnecessary barriers. That includes more fiscal harmonization and regulatory consistency across countries.

The second issue is infrastructure quality and availability. Building data centers is not enough; you also need solid connectivity, network reliability, and affordable service access. These determine the profitability of any investment.

Finally, shared infrastructure is essential because shared buildout reduces costs and accelerates deployment through co-investment.

Ecofin Agency: At this summit you emphasized the importance of regional data centers. What support will IFC provide for expanding this kind of infrastructure?

Nathalie Kouassi Akon: Regional data centers, cloud platforms, and advanced digital infrastructure are at the core of IFC’s strategy and, as we heard at the summit, at the core of many government strategies in this region.

Our portfolio has expanded significantly, whether for enterprise-focused centers, consumer-oriented facilities, or large-capacity hyperscale projects. In 2024, for example, we invested $100 million in Raxio Group, which operates data centers in Tanzania, Ethiopia, the Democratic Republic of Congo, Mozambique, Angola, and Côte d’Ivoire.

One critical element often underestimated is access to energy. Without reliable electricity, there is no connectivity and no data-hosting capability. This is why our digital infrastructure investments are paired with initiatives that expand access to energy in the same regions.

We also strongly promote shared infrastructure: resource pooling, regional synergies, and lower access costs. This model benefits operators and end-users and accelerates digital transformation across the continent.

Ecofin Agency: Many observers say that an “electric shock” is needed to push states to cooperate on regional infrastructure such as data centers. What might that shock be?

Nathalie Kouassi Akon: What I saw during the summit is already a strong signal. Ministers of Digital Affairs from the region worked together sometimes very late on a joint declaration. These are still only intentions, but they form an important starting point.

The “shock” begins with dialogue: states talking to one another and directly engaging with the private sector. The messaging has been consistent share infrastructure, build regional networks, and invest together. Governments are showing that willingness, and they can carry it forward nationally to support true regional thinking.

It is also important to remember that private operators already work on a regional basis and are urging governments to adopt shared-infrastructure approaches. Market realities are naturally pulling the region toward integration.

Ecofin Agency: AI and the digital economy depend not only on infrastructure but also on ecosystems. What is holding back private investment in African start-ups fintechs, deep-tech firms, and digital innovators?

Nathalie Kouassi Akon: First, we need perspective. Over the past decade, technology has attracted more venture capital in Africa than agriculture or retail. Digital innovation does attract funding.

The issue is geographic distribution. Most venture capital goes to South Africa, Kenya, Nigeria, and Egypt. Francophone Africa remains underserved. The obstacles are many.

The first is business structure. Many entrepreneurs lack the support needed to build well-structured companies, present clear financials, and establish solid governance.

The second is visibility. Language remains a barrier that limits access for francophone innovators to major international networks, events, and platforms where global venture capital circulates.

The third is regulation. Few countries have laws suited to start-ups or tax systems that create incentives. And when entrepreneurs scale, they must go beyond their national market which is often too small. But without harmonized tax and regulatory regimes, scaling across borders becomes difficult.

These barriers affect not only tech start-ups but young African businesses more broadly.

Ecofin Agency: How does IFC support those entrepreneurs and the investors who might back them?

Nathalie Kouassi Akon: We have dedicated tools to support digital innovation. One of them is the Startup Catalyst Program, which backs venture capital funds investing in early-stage tech companies. We have invested significantly in digital sectors across Sub-Saharan Africa in recent years.

We pay special attention to women entrepreneurs. Globally, women receive only about 4% of venture-capital funding. As a development institution, we have a responsibility to expand their access and ensure women innovators have equal financing opportunities.

Ecofin Agency: Building a single digital market requires regulatory harmonization. Do you think it is realistic? And how does IFC contribute to this effort?

Nathalie Kouassi Akon: It will not be easy. But our role is essential, and this is where being part of the World Bank Group is valuable. We operate on both fronts: the private sector through IFC, and the public sector through our colleagues who work directly with governments.

In constant coordination with them, we bring the private sector’s voice to discussions on data protection, payment interoperability, fintech regulation, telecom competition, and shared-infrastructure management. And we consistently encourage a regional approach, because if there is one area where borders no longer make sense, it is digital technology.

Ecofin Agency: Talent development is crucial. Public funding for education is often limited. Can IFC finance digital skills academies or competency centers? The Cotonou declaration mentions new AI centers of excellence.

Nathalie Kouassi Akon: The strength of the digital economy is that it offers a near-guarantee of employment for well-trained youth. We work closely with industry to develop integrated learning programs that connect young people directly to labor-market needs.

IFC also finances EdTech initiatives digital learning platforms. A strong example is Andela, which we supported, as well as several coding boot camps that train developers able to work on global markets.

The challenge is speed. Technology evolves quickly. If Africa falls behind in digital and AI training, it risks deepening exclusion, especially for young women.

Ecofin Agency: What guarantees or risk-sharing tools does IFC offer today to encourage private investment in digital projects?

Nathalie Kouassi Akon: We intervene on several levels to reduce perceived risk and encourage investment in African markets.

The first is guarantees through our collaboration with MIGA, the Multilateral Investment Guarantee Agency of the World Bank Group. MIGA helps reassure international investors facing political or regulatory risks;often the first barrier to overcome.

The second is providing IFC-backed guarantees and risk-sharing tools directly within transaction structures for African investors. Some digital projects are seen as too risky; our instruments exist to make those investments possible.

The third is syndication: bringing multiple financial institutions together behind a single project. By pooling resources and risk, we expand financing capacity and reduce exposure for each participant. This is essential for large-scale digital infrastructure.

Ecofin Agency: Can you share concrete examples of IFC-supported investments in the digital sector?

Nathalie Kouassi Akon: A standout example is Wave, which is part of our portfolio. We have also supported major operators such as Sonatel, Airtel, and Maroc Telecom, as well as regional actors in connectivity and infrastructure.

Our digital portfolio spans telecom operators, fintech platforms, data-center infrastructure, and innovative digital solutions. Across the value chain, we can provide guarantees, direct financing, or market-based instruments suited to each project.