UK-Based Financier CDC Group Backs Liquid Telecom With R2.6 Billion

The $180 million investment will enable Liquid Telecom to increase its network expansion.

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Nick O’Donohue -CEO, CDC Group Plc with Nic Rudnick – Group CEO of Liquid Telecom and Group Executive Chairman of Liquid Telecom’s parent company Econet, Mr Strive Masiyiwa
Nick O’Donohue -CEO, CDC Group Plc with Nic Rudnick – Group CEO of Liquid Telecom and Group Executive Chairman of Liquid Telecom’s parent company Econet, Mr Strive Masiyiwa

UK-based development finance institution CDC Group Plc is to invest $180 million (R2.6 billion) in pan-African telecoms group Liquid Telecom.

The Econet-owned company said on Tuesday this investment will enable Liquid Telecom to expand its high-speed broadband connectivity to some of the most underserved communities across the African continent, including supporting Africa’s thriving tech start-up ecosystem with high-speed internet and cloud-based services.

Owned and managed by the UK Government, CDC Group supports companies that help poor countries grow.

The $180 million investment will enable Liquid Telecom to increase its network expansion.

This builds on the Liquid Telecom’s Cape to Cairo terrestrial fibre link – often referred to as “the One Africa” broadband network.

The network took ten years to complete and serves some of the most remote locations with the fastest network speeds in Africa – from Cape Town, through all the Southern, Central, and Eastern African countries, and has now reached Sudan and Egypt.

“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.

The network passes through some of the most remote corners of the planet and continues to provide new opportunities to connect underserved communities.

“Digital infrastructure is still a major problem for Africa’s governments, people and its businesses, so improving access to affordable and quality internet is central to Africa’s development and economic growth. Our investment in Liquid Telecom – which is one of CDC’s biggest ever investments – plays an important part in addressing infrastructure bottlenecks and helps bring about the innovation and efficiency gains that result from better internet access,” said Nick O’Donohoe, CEO, CDC Group Plc.

“CDC’s capital will enable Liquid Telecom to reach more countries in the continent, helping to connect millions more people and businesses. Africans have benefited hugely from the local mobile phone industry that CDC backed twenty years ago and we have similar hopes for our investments in Africa’s growing digital infrastructure.”

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