Paratus Group secures $31M loan to expand its digital infrastructure across Africa

Friday, 10 November 2023 17:39
Paratus Group secures $31M loan to expand its digital infrastructure across Africa

(Ecofin Agency) - Paratus continues to expand its digital infrastructure in Africa. The company recently launched two new fiber optic routes to improve connectivity in Mozambique. It has also announced the construction of a 3rd data center in Angola.

Emerging Africa Infrastructure Fund (EAIF) has teamed up with Ninety One, its fund manager, to provide a $31 million loan to Paratus Group Holdings Limited. Unveiled on November 8, the funding will enable the pan-African broadband connectivity provider to expand its fiber optic and data center network across the continent over the next three years.

With part of the funds, Paratus will launch three new fiber optic routes to link the west and east coasts of Africa. The first will link Namibia, South Africa, and Mozambique. The second will link Congo, South Africa, and Mozambique. The last will link Angola, Zambia, and Tanzania. With another part, the company will finance the construction of its first Tier IV data center in Angola.

These projects align with Paratus’ ambitions to double its revenues over the next five years, by investing in and deploying the best infrastructure to meet the demand for high-speed connectivity in Africa.

Over the past two years, the company has invested in the construction of new data centers in Namibia, Zambia, and Angola; connecting to Google's Equiano fiber optic submarine cable; and strengthening its fiber optic infrastructure across the continent... It has also signed a distribution agreement with Starlink to provide its customers with satellite broadband Internet services from the subsidiary of American SpaceX.

"Expanding access to fiber and data centers in key African markets will advance development and inclusive growth - maximizing opportunities in countries where entrepreneurship is pervasive. The commitment of EAIF and Ninety One sends the right signal to the rest of the market and reinforces our mission to support a more connected and technologically advanced Africa," said Schalk Erasmus, CEO of Paratus.

Isaac K. Kassouwi


Public Management

ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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