Finnfund backs digital infrastructure company
Finnfund has provided a $12 million senior loan to Bandwidth and Cloud Services Group (BCS), a telecom infrastructure provider operating in several African countries. With Finnfund’s help as a key project investor, BCS is expanding its operations in East, Central and Southern Africa.
“Large areas still rely on satellite connections, and in many of these countries, data transfer prices are amongst the highest in the world,” says Yonas Maru, managing director of BCS. “By building our own infrastructure, BCS can offer full connectivity throughout the region with lower prices. The funding from Finnfund will go a long way in closing the connectivity gap in many parts of Africa.”
Finnfund has chosen digital infrastructure and solutions as one of its key sectors and expects the investment to create substantial development impacts. This investment in digital connectivity not only supports the economic growth of East, Central and Southern Africa but also facilitates inclusive access to critical services in finance, education and health,” says the head of Finnfund’s digital infrastructure and solutions portfolio, Jussi Ahonen. “With fast and reliable internet, also the small businesses will be able to scale up and reach markets that they were unable to access.”
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