Africa receives a $35mn ICT investment
- Published on 15 June 2012
The International Finance Corporation (IFC) plans to invest $35 million in the 'Convergence Partner Communications Infrastructure Fund' to boost the development of ICT infrastructures across Africa.
The fund is expected to play an important development role in Africa, where information and communication technology (ICT) infrastructure bottlenecks impede the growth of businesses and companies due to a lack of access to finance.
“There is an exciting opportunity to accelerate the development of Africa through increased investment in critical infrastructure, specifically ICT,” said Andile Ngcaba, chairman of Convergence Partners.
“We are proud to be working together with IFC in our new fund to deploy critical capital and expertise into this sector to the benefit of the continent,” adds Ngcaba.
The fund’s investment focus would address the lack of enabling infrastructure that provides quality, affordable communications services, especially broadband, across Africa.
It also aims to develop and invest in new wholesale, open access networks and related services and could capitalise on the potential for communication technology platforms to deliver critical services such as banking, healthcare, education and government programmes that improves living standards.
“The Convergence Partners Investment Fund will further spur Africa’s development,” said Saleem Karimjee, IFC senior country manager for southern Africa.