African fibre company wins $180-million investment from British development finance agency

Nick O’Donohue CEO CDC Group, and group executive chairman of Liquid Telecom’s parent company Econet, Strive Masiyiwa, sign the deal.

JOHANNESBURG, 11 December 2018 (ANA) - African fibre company, Liquid Telecom, has won a $180 million investment from British development finance agency CDC Group to expand its high-speed broadband connectivity to some of the most under-served communities across the African continent.

This would include supporting Africa’s thriving tech start-up ecosystem with high-speed internet and cloud-based services.

Liquid Telecom is chaired by exiled Zimbabwean billionaire Strive Masiyiwa.

The CDC Group -- which is owned and managed by the United Kingdom government -- supports companies that help empower and grow developing nations. 

The investment will enable Liquid Telecom to increase its network expansion.

This builds on Liquid Telecom’s Cape to Cairo terrestrial fibre link -- often referred to as “the One Africa” broadband network -- that took 10 years to complete and serves some of the most remote locations with the fastest network speeds in Africa.

“Our vision is to give every individual on the African continent the right to be connected by bringing reliable, high-speed broadband connectivity and cloud services to all. This includes businesses and communities in some of the most remote parts of the continent,” said Nic Rudnick, Group CEO, Liquid Telecom in a statement released on Tuesday.

“We welcome CDC Group’s investment of $180m with Liquid Telecom since it will enable us to accelerate expansion along our award-winning Cape-to-Cairo route and further into Central and Western Africa. Once completed, it will bring significant economic and social benefits – from providing access to online educational resources to supporting national economies, creating more jobs and driving the adoption of new technologies. This is aligned to the vision of our executive chairman, Strive Masiyiwa, to not only connect Africa from north to south, but also from east to west.”

Rudnick said that digital infrastructure was still a major problem for African governments, people and businesses. He said access to affordable and quality internet was central to Africa’s development and economic growth. 

- African News Agency (ANA)


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