The West Indian Ocean Cable Company (WIOCC) Group said it has secured a $40 million financing package from IFC and Proparco to boost the undersea cable company’s digital infrastructure serving Nigeria and other African markets
This funding will support WIOCC’s ambitious expansion strategy across three African countries, Nigeria, the Democratic Republic of the Congo (DRC) and South Africa.
According to WIOCC the financing includes loans of $10 million and ZAR 200 million from IFC, a member of the World Bank Group, and $20 million from Proparco, a development finance institution and subsidiary of the Agence Française de Développement Group. Additionally, WIOCC expects to finalise an additional $10 million loan with RMB for its expansion in Nigeria in the coming weeks.
While IFC, part of the World Bank Group, focuses on private sector development in emerging markets; Proparco, a subsidiary of Agence Française de Développement Group, focuses on building sustainable solutions in response to global challenges.
With this funding, WIOCC Group announced plans to expand its core and edge data centres in the DRC, Nigeria, and South Africa to meet the growing demand for colocation and other data centre services. The expansion also includes extending its fibre networks, which will help bridge the digital divide and foster economic growth across the continent.
Chris Wood, CEO of WIOCC Group, expressed enthusiasm about the capital raise, noting that “this funding enables significant expansion, adding capacity to our open-access data center operation and extending connectivity across key markets in Nigeria, southern Africa, the DRC, and Greater East and Central Africa. Our continual investment in infrastructure aims to create Africa’s first truly open-access interconnected digital ecosystem, ensuring readiness to meet future demands.”
Ariane Ducreux from Proparco emphasised the importance of neutral, open-access data centers for a resilient digital ecosystem in Africa, while Bertrand de la Borde from IFC highlighted the commitment to affordable, reliable digital connectivity.
Since 2007, WIOCC has been a leader in Africa’s digital transformation, investing in open-access infrastructure to meet the continent’s growing connectivity needs.
Who is WIOCC?
WIOCC, which owns one of the largest data centres in Nigeria, Open Access Data Centres, leads Africa’s digital transformation by pioneering open-access digital infrastructure.
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