Liquid Intelligent Technologies has partnered with the International Finance Corporation to deepen data center capacity and boost the deployment of a fiber-optic cable in Africa.
The partnership between the IFC, a member of the World Bank, and Liquid Intelligent Technologies, a pan-African technology group founded by Zimbabwean billionaire Strive Masiyiwa, is expected to drive universal and affordable broadband access on the continent.
This aligns with the IFC’s digital strategy in Africa, which is aimed at enabling ubiquitous, reliable and affordable connectivity.
The strategy also includes investing in the development of independent tower operators, data centers and broadband, as well as providing support to mobile operators in fragile and conflict situations and low-income international development association countries.
The roll-out of the fiber-optic cable will help boost digital connectivity and inclusion in Africa, as the IFC continues to take important decisions to support the region’s growing digital ecosystem.
The IFC’s recent actions follow its investment in Liquid Intelligent Technologies through the group’s bond placement program on Ireland’s main stock exchange, Euronext Dublin.
So far, the World Bank-backed institution has committed a total of $250 million in equity and debt investments to Liquid Intelligent Technologies, as it moves to support the group to develop its hyper-scale data center capacity in Egypt, Kenya, Nigeria and South Africa.
Strive Masiyiwa, the chairman and founder of Liquid Intelligent Technologies, said the support from the IFC and the investments in its data centers and fiber broadband network will directly support growth plans in the coming years. This will encourage the adoption of new services such as cloud and other digital services that are critical in driving sustainable development in Africa.
IFC Managing Director Makhtar Diop stressed that digital technologies are rapidly transforming how people, businesses and governments communicate, transact and access information and services, and the partnership is an essential element for the continent’s economic transformation.
“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,” he said.
To drive targeted growth, the investment is expected to support Liquid Intelligent Technologies in the continued rollout of its fiber broadband network, which covers more than 100,000 kilometers across Sub-Saharan Africa.
