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Africa Finance Corporation (AFC) and Saudi Arabia’s Vision Invest have signed an agreement to invest a combined $300 million in WIOCC Group.
WIOCC is a carrier-neutral digital infrastructure platform operating in more than 30 African countries. The group has strategic investments in subsea assets, terrestrial networks, metro infrastructure, hyperscale data centres and digital platforms.
Samaila Zubairu, president and chief executive officer of AFC, said: “The Africa we build must be connected, competitive and equipped to create value from the digital economy, not only consume it. Just as transport corridors enable trade and energy networks power industry, fibre, data centres and subsea cables are now essential infrastructure for growth, innovation and AI. Our investment in WIOCC will expand the open-access digital backbone African businesses and communities need to integrate, innovate and compete globally.”
Omar N. Al-Midani, president and chief executive officer of Vision Invest, commented: “WIOCC Group has built one of Africa’s leading digital infrastructure platforms, and we are proud to partner together with AFC and WIOCC’s existing shareholders as the company enters its next phase of growth. Home to the world’s youngest population and expected to account for more than one-quarter of the global population by 2050, demand for digital services in Africa will continue to rise, necessitating impactful investments in connectivity and digital ecosystems to unlock new opportunities for innovation, economic diversification and sustainable growth as well as opportunities for businesses, innovators and communities across Africa.”
Chris Wood, group chief executive officer of WIOCC Group, added: “Africa is uniquely positioned to capitalise on the next phase of global digital growth. As demand for cloud, AI and digital services accelerates, robust and scalable infrastructure will be essential to unlocking the continent’s potential. This investment enables WIOCC to execute its long-term growth strategy by accelerating data centre deployment and consolidation, expanding the continent’s open-access terrestrial fibre footprint and investing strategically in new subsea assets, strengthening Africa’s digital infrastructure platform and enhancing connectivity between the continent and key international markets.”
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