International Finance Corporation and Proparco have partnered with a digital infrastructure provider, WIOCC Group in funding the company’s expansion strategy in three African countries in order to improve the continent’s digital infrastructure and connectivity.
The Chief Executive Officer, Chris Wood said the financing includes loans of $10 million and $11 million (R200 million) from the IFC, a World Bank Group member, and $20 million from Proparco, a development finance agency and a subsidiary of the Agence Française de Développement.
He noted that WIOCC also intends to sign an additional $10 million loan with Rand Merchant Bank (RMB) in the next weeks to fund its expansion in Nigeria.
According to him, With the funds, WIOCC Group plans to develop its core and edge data centres in the Democratic Republic of the Congo, Nigeria, and South Africa to fulfil rising demand for colocation and other data centre services.
Chris said it will also expand its fibre networks, thereby bridging the digital divide and promoting economic growth throughout Africa.
Wood, therefore, expressed excitement to conclude the next stage of the company’s
capital raise, which will enable significant expansion.
The CEO noted that it will add further capacity to the company’s open-access data centre operation and extend open-access hyper-scale national, international, and metro connectivity across its key markets in Nigeria, southern Africa, the DRC and Greater East and Central Africa.
Wood stated that the company’s policy of continual investment in infrastructure to create Africa’s first, truly open-access interconnected digital ecosystem means ongoing investment for growth, ensuring readiness to meet the future demands of our clients’ customers throughout Africa.
“We are excited to conclude this next stage of our capital raise, which will enable significant expansion.
“It will add further capacity to our open-access data centre operation and extend open-access hyper-scale national, international, and metro connectivity across our key markets in Nigeria, southern Africa, the DRC and Greater East and Central Africa.
“Our policy of continual investment in infrastructure to create Africa’s first, truly open-access interconnected digital ecosystem means ongoing investment for growth, ensuring readiness to meet the future demands of our client’s customers throughout Africa,” he said
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