International Finance Corporation (IFC) is expanding its alliance with the West Indian Ocean Cable Company Holding Ltd (WIOCC Group), a major digital connectivity and infrastructure company in Africa, with a $30 million equity investment. The investment aims to enhance access to quality broadband internet and data hosting services for homes and businesses in Africa.
This partnership will supply the continuous rollout of terrestrial fiber-optic networks, in the WIOCC Group, the launch of a world-class, open-access core, investment in new subsea cables, and edge data center infrastructure all over Africa
Digital infrastructure is a major area of Africa’s internet economy. There has been a continuous investment in fiber optic networks and data hubs to enable higher quality and enhanced access to inexpensive and faster internet all over the African continent.
According to eConomy Africa 2020, a statement by IFC and Google. The ongoing expansion of access is estimated to make greater economic impacts. An increase in mobile broadband by 10% in Africa would result in an increase in GDP per capita by 2.5%.
Mohamed Gouled Speaks on the Partnership
Speaking with Mohamed Gouled, the company’s IFC Vice President of Industries, at a signing ceremony to seal an alliance with WIOCC Group in London. Explained that IFC recognizes the urgent need for a durable and secure digital infrastructure. As this is crucial to the improvement of the quality of life and increasing the growth of business
Mohamed Gouled also said that in the former fiscal year, which ended in June 2022, IFC made an investment of $1.3 billion in the building of digital infrastructure, with more than half of those investments happening in Ain Africa’s telecommunications, media, and technology sectors in Africa. Partnership with WIOCC Group emphasizes the determination of IFC. Which is to close the digital gaps in Africa.
The Aim of IFC in Digital Infrastructure
The digital infrastructure started in Africa by IFC aims at the enablement of reliable and inexpensive connectivity. Part of this scheme Is to invest in the expansion of independent tower operators, data centers, and broadband. Also, creating a system of support for mobile operators, who expand the connectivity in fragile and conflict situations (FCS) and low-Income International Development Association countries (LIC-IDA).
Accomplishments of the IFC
In the preceding fiscal year which was from July 1, 2021, to June 2022, 34% of digital infrastructure investments by the IFC were conducted by the FCS and IDA nations In the past years, IFC earmarked and invested more than $7 billion in digital infrastructure and services, with over $2.5 billion between July 2020 and June 2022.
Also, IFC creates a system of support for the investees to advance corporate governance and align environmental and social practices with IFC’s execution standards
