Connect with us

Africa

IFC, Liquid Intelligent Technologies partner to build data centres in Nigeria, others

Published

on

IFC, Liquid Intelligent Technologies partner to build data centres in Nigeria, others

IFC has partnered with Liquid Intelligent Technologies to expand data center capacity and the rollout of fiber-optic cable in Nigeria and other African countries.

The partnership with Liquid Intelligent Technologies, according to a statement on Monday, aims to increase digital connectivity and inclusion in Africa and to support the region’s growing digital ecosystem.

IFC’s equity and debt investments in Liquid Intelligent Technologies, which to date total approximately $250 million, will support the company to grow its hyperscale data center capacity in Egypt, Kenya, Nigeria, and South Africa through its subsidiary, Africa Data Centres.

As Africa’s population grows and is increasingly urbanized, data consumption is expected to grow strongly and with this comes the need for secure local data hosting.

The investments will also support Liquid Intelligent Technologies in the continued rollout of its fiber broadband network, which today covers more than 100,000 kilometers of sub-Saharan Africa.

The continued build-out of its network will help to connect businesses and individuals to the Internet across the continent and position Liquid intelligent Technologies to be at the forefront of Africa’s digital transformation with the provision of complementary digital services.

“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, services that are critical in driving sustainable development across Africa,” Liquid Intelligent Technologies Executive Chairman and Founder, Strive Masiyiwa, said.

“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,”  IFC’s Managing Director, Makhtar Diop, said.

Digital infrastructure is the backbone of the digital economy, but sub-Saharan Africa needs around $100 billion in investment to achieve universal, affordable, and high-quality broadband access by 2030, according to the Broadband Commission on Sustainable Development.

To achieve universal broadband access, the continent needs at least 250,000 kilometers of new fiber.

IFC’s digital strategy in Africa is aimed at enabling ubiquitous, reliable, and affordable connectivity. This includes investing in the growth of independent tower operators, data centers and broadband, as well as support to mobile operators primarily in fragile and conflict situations (FCS) and low-Income International Development Association countries (LIC-IDA).

IFC’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.

Add your voice

0 comments

Advertisement Custom Text

People reading currently

Gates Foundation, UAE deploy $200 million for climate action, food systems innovation Gates Foundation, UAE deploy $200 million for climate action, food systems innovation
Agriculture3 months ago

Gates Foundation, UAE to deploy $200 million for climate action, food systems innovation

The fund will help smallholder farmers in sub-Saharan Africa and South Asia build resilience and adaptation to climate change. The...

Climate Finance Climate Finance
Dev. Finance3 months ago

Kenya, Nigeria named as targeted countries for climate-blended finance deals

Nigeria and Kenya have been identified as the most frequently targeted countries for climate-blended finance flows in the past three...

FuturizeU supports development of innovative healthcare products in Africa FuturizeU supports development of innovative healthcare products in Africa
Social Entreprenuership6 months ago

FuturizeU supports development of innovative healthcare products in Africa

Futurize and AstraZeneca are investing in social entrepreneurs who are developing innovative products that are addressing healthcare equity and early...

Banjul International Airport in Gambia Banjul International Airport in Gambia
Dev. Finance6 months ago

Saudi Fund for Development advocates Climate Change Mitigation, Social Infrastructure Investments in Africa

  The Saudi Fund for Development (SFD) has advocated for the preservation of heritage projects in Africa through initiatives such...

Catalyst Fund Team Catalyst Fund Team
Climate & Environment6 months ago

Catalyst Fund Raises First Round of $40 million investment in African Climate Startups

The Catalyst Fund has achieved the initial close of its $40 million fund for investing in climate startups in Africa....

Paystack CEO, Shola Akinlade, buys majority stake in Aarhus Fremad Paystack CEO, Shola Akinlade, buys majority stake in Aarhus Fremad
Sports11 months ago

Paystack CEO, Shola Akinlade, buys majority stake in Aarhus Fremad

A Danish football club, Aarhus Fremad announced on Tuesday that it has sold  55 percent of its shares to the...

MRI is increasing survival rate of women with breast cancer- PPC MRI is increasing survival rate of women with breast cancer- PPC
Climate & Environment11 months ago

MRI is increasing survival rate of women with breast cancer- PPC

PPC Limited, Nigeria’s leading engineering and infrastructure development company with footprints across Nigeria’s healthcare landscape, says that the advancement of...

Adeleke versus Oyetola Adeleke versus Oyetola
Policy & Regulation11 months ago

Appeal court upholds Senator Ademola Adeleke’s win in Osun

The Court of Appeal Abuja has overturned the ruling of the Osun State Governorship tribunal and has declared Senator Ademola Adeleke...

Lawmaker demands revamp of bank e-payment platforms Lawmaker demands revamp of bank e-payment platforms
Dev. Finance11 months ago

Lawmaker demands revamp of bank e-payment platforms

The members of the House of Representatives have demanded that the Central Bank of Nigeria (CBN) direct banks to revamp...

CBN to destroy naira notes worth N6tn CBN to destroy naira notes worth N6tn
Economy11 months ago

We’ve disbursed N20bn to alleviate cash crunch, CBN tells NLC

The Central Bank of Nigeria (CBN) met with the leadership of the Nigeria Labour Congress (NLC) in Abuja on Thursday,...

Ad Blocker Detected!

Advertisements fund this website. Please disable your adblocking software or whitelist our website.
Thank You!

you're currently offline