Africa gets ICT infrastructure investment
about 1 year ago 0 Comments
Investment in continuing into Africa's infrastructure. I see that the International Finance Corporation (IFC) which is a member of the World Bank Group, is to invest $35m in the Convergence Partners Communications Infrastructure Fund, which will support the development of ICT infrastructure across Africa, where IT infrastructure bottlenecks can impede business growth.
The investment focus of the fund will be to address the lack of enabling infrastructure that provides quality, affordable communications services, especially broadband.
The group has said it anticipates the fund will capitalise on the potential for communication technology platforms to deliver critical services such as banking, healthcare, education and government programs that contribute to improved living standards.
Saleem Karimjee, the International Finance Corporation's senior country manager for Southern Africa has said the Convergence Partners Communications Infrastructure Fund will further spur Africa’s development.
"Access to communications helps improve economic competitiveness, facilitates efficient government services, increases the productivity of private businesses, and enhances living standards," he said.
The Convergence Partners Communications Infrastructure Fund's total investment is expected to reach $500m and the partners hope to raise more capital into the project from local and international sources. The company, which was established more than five years ago, has mainly been in South and East Africa, where it has a presence through the Seacom undersea cable.