CDC to invest US$50 million in Africa’s digital infrastructure

CDC Group, the United Kingdom’s development finance institution (DFI) and impact investor, published a statement indicating its plans to invest over US$50.9 million in various projects aimed at expanding digital infrastructure. 

The grand goal of these projects is to bolster rural connectivity and also to speed up digital technology penetration among rural and underserved communities across sub-Saharan Africa.

As detailed in the said statement, the funds have been earmarked for the progressive growth of  Africa’s ICT sector. It is hoped that this will spur a chain of infrastructure projects which will in turn foster development in rural communities, making mobile connectivity accessible and affordable. 

Speaking on the matter, Clarisa De Franco, MD & Head of Private Equity Funds at CDC Group, said: “We are proud to be investing our patient and flexible capital in two partners that align with our goals to help improve digital infrastructure. We are thrilled to back CPDIF and AMN with investments that will support Africa’s digital transformation, connect millions of people across the continent, facilitate access to quality education and healthcare, enhance digital skills, and promote financial inclusion.”

The first disbursement of US$40 million will go to Convergence Partners Digital Infrastructure Fund (CPDIF), under the management of Convergence Partners – a specialist Africa-focused ICT fund manager.