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Liquid Telecom receives US$180-million investment for broadband expansion

Africa , 11 Dec 2018

Liquid Telecom receives US$180-million investment for broadband expansion

Pan African connectivity company, Liquid Telecom has received an investment injection of US$180-million from CDC Group Plc, UK's development finance institution.

According to Liquid Telecom, the funds will enable the company to extend its fibre reach to the underserved communities and support Africa's thriving tech start-up ecosystem with high-speed internet and cloud-based services.

Nic Rudnick, Group CEO, Liquid Telecom, said, "Our vision is to give every individual on the African continent the right to be connected by bringing reliable, high-speed broadband connectivity and cloud services to all. This includes businesses and communities in some of the most remote parts of the continent."

"Once completed, it will bring significant economic and social benefits - from providing access to online educational resources to supporting national economies, creating more jobs and driving the adoption of new technologies," he added.

CDC Group's aim is to support companies that offer services that uplift less developed regions.

According to CDC, Liquid Telecom's Cape to Cairo fibre network has done a lot to offer high speed broadband to vulnerable and unreached communities.

Nick O'Donohoe, CEO of CDC Group said that digital infrastructure is still a major problem in the African continent. He added that improving access to affordable and quality internet is central to Africa's development and economic growth.

"Our investment in Liquid Telecom - which is one of CDC's biggest ever investments - plays an important part in addressing infrastructure bottlenecks and helps bring about the innovation and efficiency gains that result from better internet access," said O'Donohoe.

According to statistics from Crunchbase, Liquid Telecom has received a total of US$1.5-billion since its inception.

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