Pan African technology company CS square has increased 25 million dollars to invest in Africa’s telecommunications infrastructure.
Details
The equity investment came from new and existing shareholders and will be used to expand open access, carrier-neutral broadband infrastructure.
The new share capital is from CPDIF, the International Finance Corporation (IFC), and International Development Association (IDA) Blended financing with a private sector window.
Digging deeper
This is the first installment in a larger one Investment program of US$ 65 million to fund CSquared’s expansion and growth. Additionally, CPDIF has acquired Google LLC’s stake in CSquared.
Record
CSquared was launched as a project within Google in 2011 with the ambition of building metropolitan fiber networks in Sub-Saharan Africa as a carrier-neutral common infrastructure operator.
The company’s long-term vision is to increase internet penetration in Sub-Saharan Africa and reduce the cost of internet access by investing in the infrastructure necessary to drive digital transformation in the region.
Csquared has been active in six markets across the continent, including; Uganda, Ghana, Liberia, Kenya, Democratic Republic of Congo, and To go.
What they say
“The opportunity to increase our investment in CSquared through our most recently raised capital comes at a critical time for African digital development. The benefits of world-class connectivity cut across all strata of society and have never been more tangibleยป, Andile NgcabaPresident and founding partner of Convergence Partners, he added.
“As investors in the Company since 2017, we have had a first-hand view of the enormous impact of open access networks on the development of the African ICT ecosystem. The combination of growth impact as well as strong commercial returns makes this an attractive investment for CPDIF and we are delighted to be able to shape the next phase of this journey.โ he added.
“Broadband connectivity is critical to Africa’s development. Our investment in CSquared is aligned with our regional strategy to develop digital infrastructure and promote the digital economy, which can help catalyze growth for many African countries, support economic growth and boost job creationยป, Sarves Surisaid IFC’s Regional Director of Infrastructure Industry, Africa.
Source: Capital FM
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