The International Finance Corporation (IFC) and Proparco, a subsidiary of the Agence Française de Développement Group, have joined forces to support the expansion of the West Indian Ocean Cable Company (WIOCC) in Africa. This collaboration aims to bolster the continent’s digital infrastructure and connectivity.
Funding Initiative Surpasses $50 Million Target
The partnership between IFC, Proparco, and RMB has successfully raised $41.7 million to date for WIOCC’s expansion initiative. IFC contributed $10 million, while Proparco provided $20 million toward the funding goal. Additional funding of ZAR 200 million (approximately $11.07 million) is expected from RMB Corvest.
Sustainability at the Core of Funding Structure
The funding is structured as sustainability-linked debt, tying WIOCC’s pricing to commitments on energy efficiency and achieving EDGE green building certification for its centers. This approach aligns with IFC’s standards to ensure resource-efficient and zero carbon emissions data centers.
Expansion Plans to Enhance Connectivity Across Africa
WIOCC plans to utilize the funding to expand its core and edge data centers in the Democratic Republic of the Congo, Nigeria, and South Africa. This expansion will significantly increase capacity for data center services and extend open-access hyperscale national, international, and metro connectivity.
Commitment to Economic Growth and Digital Inclusion
Chris Wood, CEO of WIOCC Group, expressed enthusiasm for the funding’s potential impact on fostering economic growth across Africa. Since its establishment in 2007, WIOCC has been a pivotal player in Africa’s digital sector, consistently investing in open-access infrastructure to meet the continent’s growing connectivity needs.
By bridging the digital divide, WIOCC aims to pave the way for enhanced digital inclusion and economic opportunities throughout Africa.