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Cassava Technologies pledges $249m to SA economy

By , ITWeb
Africa , 14 Apr 2023
Cassava Technologies pledges $249 million in investment into the South African economy
Cassava Technologies pledges $249 million in investment into the South African economy

Cassava Technologies has pledged a total of $249 million in investment in South Africa through its business units – Liquid Intelligent Technologies, Africa Data Centres and Distributed Power Africa.

The announcement was made during the fifth South Africa Investment Conference (SAIC) in support of SA President Cyril Ramaphosa's initiative to drive investment into the country.

The SAIC conference marks the final leg of South Africa’s investment drive to attract $66 billion over five years.

Through this investment, Cassava says it will continue to bring internationally recognised services and products to South Africa through the group's renewable energy, cloud and cyber security, data centres and broadband connectivity business units.

The company’s investment pledge comprises key projects, including the expansion of the Liquid Intelligent Technologies’ fibre network, the extension of Africa Data Centres’ capacity and footprint, enhanced cloud and cyber security capacity, and the rollout of clean, renewable energy by Distributed Power Africa in South Africa.

“South Africa accounts for the largest proportion of Africa's industrial GDP with a sophisticated and growing ICT sector. The country's unique combination of highly developed first-world economic infrastructure and a stable macro-economic environment affords businesses like ours a conducive investment environment in which we can partner with government to drive economic development and create jobs," says Hardy Pemhiwa, President and Group CEO, Cassava Technologies.

The company says its investments will contribute towards positioning South Africa as an attractive investment destination and enable greater inclusion of all South Africans, which is consistent with Cassava's vision of a digitally connected future that ‘leaves no African behind’. 

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