Telecom

WIOCC raised $100mln Africa expansion fund from EAIF and AFD

WIOCC raised $100mln Africa expansion fund from EAIF and AFD
Tuesday, 06 October 2020 17:54

Wholesale telecom capacity provider, West Indian Ocean Cable Company (WIOCC), has raised $100 million to finance the development of its Internet connectivity offering in Africa. The company received a loan of $40 million from the Emerging Africa Infrastructure Fund (EAIF) and $60 million from Proparco, a subsidiary of the French Development Agency (AFD).

WIOCC, which holds a stake in the EASSy submarine optical fiber cable, offers a fully integrated submarine and terrestrial optical fiber network around and within the African continent. Its network extends over 55,000 km and interconnects 550 sites. The company provides end-to-end international connectivity in Africa.

With the new investment, WIOCC says it will increase its customer base, create a more competitive market, and help lower wholesale and retail prices on connectivity. It is also expected to support the creation of more than 200 direct jobs over the next 5 years. WIOCC also plans to develop professional computer training for women to further facilitate gender balance in its workforce.

According to Olivia Carballo, Director of Managers at Ninety-One, the entity that manages the EAIF, “the announcement of EAIF’s support for WIOCC marks the Fund’s third investment in the African telecommunications industry this year. WIOCC’s expansion will stimulate the enterprise and strengthen Africa’s digital infrastructure.”

Growing Africa’s communications infrastructure is vital to its long-term economic development and in assisting recovery from the global downturn caused by Covid-19. WIOCC can play a key role in helping Africa rebuild,” she added.

On the same topic
Reliable, high-capacity international connectivity is crucial for driving economic growth, enabling digital services, and promoting regional...
• Morocco to build 500 MW green-powered data center in Dakhla to boost cloud infrastructure• Part of Digital Morocco 2030, aiming for data sovereignty and...
• Cameroon and Chad plan to launch free mobile roaming by August 11, following a joint coordination meeting in N'Djamena• The move revives a stalled CEMAC...
By investing in shared, open-access fibre networks, Vodacom and Maziv can help drive more affordable retail broadband pricing and reduce barriers for...
Most Read
01

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
02

• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...

Nigeria Secures $100 mln ECOWAS Bank Loan for Lagos-Calabar Coastal Highway
03

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
04

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
05

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.