A fibre-optic cable company worker. FILE PHOTO | JOSEPH KANYI | NMG
Digital infrastructure firm Seacom has received a Sh29 billion ($207 million) loan from the IFC to expand its broadband cable network in seven sub-Saharan countries, including Kenya.
The facility, which is a long-term loan package, includes $70 million (Sh9.8 billion) from IFC’s financing, $42.2 million (Sh5.9 billion) co-financing from institutional investors through IFC's Managed Co-Lending Portfolio Programme, and $94.8 million (Sh13.3 billion) equivalent mobilised from Nedbank and Mauritius Commercial Bank.
IFC says the funding will support Seacom's strategy to become an integrated broadband connectivity and next-generation cloud-based IT service business.
The tech firm leverages cloud technology, its broadband submarine cable network, and fibre in major African cities to provide business tools in Kenya, Djibouti, Mozambique, Rwanda, South Africa, Tanzania and Uganda.
It was not immediately clear what fraction of the fund will be spent on Kenyan deployment.
“IFC anticipates that the investment will increase access to quality IT services for African businesses, enabling SEACOM to support the digital transformation of 24,000 enterprises in the region by 2027,” said the global financier.
Group CFO Richard Schumacher noted the expansion will allow it to leverage opportunities in rising demand for digital services.
→ kmwangi@ke.nationmedia.com
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