EAAIF and Ninety One commit $30 million to WIOCC’s expansion, accelerating digital connectivity in Africa

« back to news and media

EAAIF and Ninety One commit $30 million to WIOCC's expansion, accelerating digital connectivity in Africa

• Investment to expand fibre networks, data centres, and last-mile connectivity, bridging Africa's digital divide
• Sustainability-linked loan ties financing costs to green performance targets, promoting climate-resilient digital growth

London, December 15: The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company, managed by Ninety One, today announced a $15 million investment in West Indian Ocean Cable Company (WIOCC), a key pan-African telecommunications infrastructure provider. Ninety One also committed $15 million in local currency to Open Access Data Centres (OADC), a WIOCC subsidiary, to construct a new data centre in South Africa and expand existing facilities. These commitments will help bridge Africa's digital gap, expanding access to internet connectivity and online services for millions of people across the continent.

Africa has one of the world's lowest internet usage rates, with just 38% of the population online in 2024, compared to a global average of 68%¹. EAAIF and Ninety One's investment will support WIOCC to increase services across more than 30 African countries, building on its vast infrastructure network, which includes approximately 75,000 km of terrestrial fibre and holding capacity across 200,000 km of submarine cables.

The capital will be used to significantly strengthen existing networks, invest in new high-capacity communications corridors, and upgrade data centres, which are the backbone of the digital economy. EAAIF's portion of the funding will support the rollout of fibre to the home networks in Nigeria, addressing the country's rapidly growing demand for reliable, high-speed internet. The focus on last-mile connectivity will unlock new economic opportunities for millions of individuals and thousands of businesses, supporting job creation and overall economic competitiveness, aligning with Sustainable Development Goal (SDG) 9 to build resilient infrastructure, promote industrialisation, and foster innovation.

The investment also supports the promotion of gender equality in traditionally male-dominated sectors, with WIOCC setting new targets for recruiting a significant share of women in both construction and long-term jobs within the next 2 to 5 years, and implementing a gender-responsive vocational training programme for women in STEM fields.

The funding forms part of a total $65 million debt raise which includes a $20 million commitment from the International Finance Corporation (IFC) and $15 million from Proparco.

All financing arrangements, including EAAIF's $15 million senior secured loan facility, have a 10-year tenor and are structured as sustainability-linked facilities. The cost of the financing is directly tied to WIOCC achieving ambitious sustainability-linked targets, ensuring that its digital expansion is also sustainable. Key performance indicators include EDGE certification for new data centres - a global standard for resource-efficient and zero-carbon buildings - and Power Usage Effectiveness (PUE) targets for operating facilities. This structure ensures that EAAIF's investment drives a digital transition that promotes climate-resilient infrastructure across Africa.

The investment is a repeat commitment, building on EAAIF's $40 million loan to WIOCC in 2020, underscoring the Fund's long-term partnership in developing Africa's digital landscape. The commitment aligns with PIDG's broader strategy to mobilise private capital for sustainable, inclusive infrastructure that drives economic growth and supports the transition to net zero across emerging markets.

Puleng Pitso, Investment Specialist, Ninety One, the fund manager for EAAIF, said: "Digital connectivity is one of the most powerful enablers of economic growth in Africa. By expanding access to high-speed internet, we are unlocking opportunities for entrepreneurs, small businesses, and industries to thrive in the digital economy. EAAIF's investment in WIOCC will help strengthen the foundations for inclusive growth, job creation, and innovation across the continent."

1https://www.itu.int/dms_pub/itu-d/opb/ind/D-IND-SDDT_AFR-2025-PDF-E.pdf