In Africa, internet penetration is still low despite an acceleration of digital transformation. The issue is caused, among other things, by the lack of quality digital infrastructures on the continent.
The International Finance Corporation (IFC) announced, Wednesday (September 28), a US$30 million investment in West Indian Ocean Cable Company (WIOCC). The funds will help the wholesale international bandwidth provider accelerate the expansion of digital infrastructure in Africa.
Specifically, it will help WIOCC continue the rollout of its terrestrial fiber networks, invest in new subsea cables, and launch world-class and open-access data center infrastructure across the continent.
It comes about two years after the IFC lent US$20 million to WIOCC to further expand its infrastructure network in Africa. It will support WIOCC’s goal “of establishing an integrated, open-access, core-to-Edge cloud ecosystem throughout the African continent, underpinned by truly scalable, carrier-neutral, open access, shared infrastructure that delivers high-quality and affordable digital connectivity, part of WIOCC's goal,” says WIOCC Group CEO Chris Wood (photo, left).
"At IFC, we recognize that there is a critical need for reliable digital infrastructure, which is fundamental to improving the quality of people's lives and driving business growth," commented Mohamed Gouled (photo, right), IFC Vice President of Industries.
In the "eConomy Africa 2020" report, IFC and Google indicate that ongoing investments in fiber networks and data centers will expand access to more affordable and faster Internet in Africa. As a result, the continent's digital economy would reach US$180 billion by 2025, representing 5.2 percent of GDP, the report estimates.
Isaac K. Kassouwi
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...
• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...
As work on the first phase of the Ahmed Sékou Touré International Airport expansion continues, Guinean authorities have announced their intention to move...
• Loulo-Gounkoto mine remains shut as Mali’s administrator seeks to restart it by selling stored gold• Barrick halted operations in January over export...
Hive Coega has officially entered its construction phase, with tenders now out for its core infrastructure. This milestone comes four years after the...
Côte d’Ivoire, the world’s leading cocoa producer, has set an ambitious target: to process 100% of its cocoa crop at the first stage by 2030. While the...
Located about 40 kilometers from Cape Town’s city center, Boulders Beach in Simon’s Town is one of the Cape Peninsula’s most iconic destinations. This...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...