International Finance Corporation (IFC) has partnered with Liquid Intelligent Technologies to expand data center capacity and the rollout of fiber-optic cable on the continent.
The partnership with Liquid Intelligent Technologies aims to increase digital connectivity and inclusion in Africa and to support the region’s growing digital ecosystem.
Liquid Intelligent Technologies will use the funding to grow its data center capacity in Egypt, Kenya, Nigeria, and South Africa through its subsidiary, Africa Data Centres.
“We are very pleased that IFC continues to support Liquid. The investments in our data centers and fiber broadband network will directly support our growth plans over the coming years by encouraging the adoption of new services such as Cloud and other digital services that are critical in driving sustainable development across Africa,” said Strive Masiyiwa Liquid Intelligent Technologies Executive Chairman and Founder.
Makhtar Diop, IFC’s Managing Director stated that the partnership will help spur economic growth in Africa.
“Digital technologies are rapidly transforming how people, businesses, and governments communicate, transact, and access information and services. By working with Liquid Intelligent Technologies, we can help expand access to infrastructure and digital services that power Africa’s digital economy, creating new opportunities for growth and jobs. This is an essential element for Africa’s economic transformation and building back better,” said Makhtar.
IFC’s equity and debt investments in Liquid Intelligent Technologies, which to date total approximately $250 million. The Corporation’s latest investment in Liquid follows its investment in the company in February 2021 through Liquid’s bond placement on Euronext Dublin, Ireland’s main stock exchange. The issuance raised $620 million.
Sub-Saharan Africa needs around $100 billion in investment in digital infrastructure to achieve universal, affordable, and high-quality broadband access by 2030, according to the Broadband Commission on Sustainable Development. The continent needs at least 250,000 kilometers of new fiber to achieve universal broadband access.