Proparco extends $60m loan to telecoms infrastructure company

French development finance institution Proparco has granted a $60 million loan to the West Indian Ocean Cable Company (WIOCC), a pan-African telecommunications infrastructure company.

WIOCC has been offering connectivity solutions to ICT stakeholders on the continent for over a decade, proving essential to the growth of the digital sector.

The loan will support WIOCC’s expansion plan in Eastern and Southern Africa. This plan consists of investments in the continent’s digital infrastructure, including in some of Africa’s least-developed countries. Proparco also mobilised funding from the Private Infrastructure Development Group (PIDG) company Emerging Africa Infrastructure Fund (EAIF), which contributed a further $40 million to this operation.

Reach Africa’s private equity community by publishing a Showcase Article, Job Opportunity or Event on Africa Private Equity News. Contact us at editor@africaprivateequitynews.com for our rate card and more information.