Telecom

South Africa: MetroFibre secures US$299.8 mln to extend fiber optic network

Thursday, 28 July 2022 18:27
South Africa: MetroFibre secures US$299.8 mln to extend fiber optic network

(Ecofin Agency) - Demand for broadband internet is growing in South Africa since 2020. That demand brought increased competition with actors, including MetroFibre, wanting to extend footprints to profit from the opportunities presented.  

South African fiber broadband connectivity provider MetroFibre Networx recently secured a ZAR5 billion (US$299.8 million) loan to extend its fiber network across South Africa.  

The loan secured from Standard Bank Group will specifically help extend MetroFibre's fiber connectivity offering to homes and businesses in underserved communities. It is also expected to increase MetroFibre's footprint.

The company, which is well aware that competition has increased in the fiber segment since 2020, is ramping up actions and investments to strengthen its position.

In November 2020, the company raised ZAR1.5 billion from private equity fund manager African Infrastructure Investment Managers (AIIM). In March 2021, it secured ZAR2.5 billion from South African banking group Investec to acquire Link Africa's FTTH network and infrastructure in Gauteng and KwaZulu-Natal.

Access to the internet is fundamental in closing the digital divide and giving individuals the opportunity to participate in the globally connected economy,” says Nishela Ramgoolam, Standard Bank’s executive VP of investment banking. 

Isaac K. Kassouwi





 
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