More Africa NewsCDC commits USD 51 mln for digital infrastructure, rural connectivity in Africa

September 24, 2021by myles0

CDC Group, the UK development finance institution and investor, has announced commitments totalling USD 50.9 million to expand digital infrastructure, boost rural connectivity and accelerate digital technology access for rural and underserved communities in sub-Saharan Africa. It will support growth of the ICT sector in the continent, develop necessary infrastructure and provide rural and underserved communities with access to affordable mobile connectivity.

The first investment is a USD 40 million commitment to Convergence Partners Digital Infrastructure Fund (CPDIF), managed by Convergence Partners, an ICT fund manager focusing on Africa. This will support a first close together with other DFI and financial investors of USD 120 million and a target fund size of USD 250 million. CDC’s funding will enable CPDIF to invest in digital infrastructure and the overlays needed to improve connectivity and access to ICT on the continent. In addition to investments in data centres, fibre networks, towers, software and wireless networks, the funding will support CPDIF to invest in fourth industrial revolution technologies such as 5G, cloud, IoT and AI.

CDC’s second investment is a USD 10.9 million equity commitment to a consortium led by Metier, a mid-cap fund manager in sub-Saharan Africa, alongside fellow DFIs DEG, Proparco and other financial institutions investing just under USD 40 million in Africa Mobile Networks (AMN), the fifth-largest independent tower company operating in Africa.

Source: Telecompaper.com

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