Liquid
Intelligent Technologies, a business of Cassava Technologies, a pan-African
technology group, will receive R450 million in funding from the International
Finance Corporation (IFC) and Rand Merchant Bank (RMB) each for its South
African operations. The total investment of R900 million will support universal
and affordable broadband access in the Eastern Cape Fibre Project.
“The support and investment we have received from IFC
and RMB underscores our collective commitment to advancing South Africa’s
broadband connectivity and uplifting the communities in which we do business.
Not only will this investment from RMB and IFC help fund the expansion of our
fibre backbone network in the Eastern Cape, but also help us upskill more South
Africans and create employment. We believe this collaboration sets a new
benchmark for the financing and development of digital infrastructure in South
Africa,” says Hardy Pemhiwa, Group Chief Executive Officer of
Liquid Intelligent Technologies.
“Digital connectivity that is inclusive and
accessible is a fundamental driver of economic growth and an informed society,”
says Sarvesh Suri, IFC’s Regional Industry Director for Infrastructure and
Natural Resources, in Africa. “Through our partnership with Liquid South
Africa, we are committed to narrowing the digital divide in the Eastern Cape
and expanding internet access to underserved areas.”
The Eastern Cape is one of the least connected
regions in South Africa. Only 65% of households have internet access, and only
5% have access from home. This is twice as low as the average for South Africa,
where 10% of the total population has internet access from home.
“RMB is proud to have been the co-arranger and funder
for the Eastern Cape Fibre Project to help enable access to information
communication technology for communities in the province. All people should
have access to the power of the digital world to better their lives. We believe
in partnering with our clients who are vested in digital inclusion to narrow
the digital divide and counteract the negative social consequences of digital
exclusion. We look forward to working on similar transactions across the continent,”
says Nana Phiri: Head of Corporate Client Group.
Since its inception, the Eastern Cape Fibre Project
has been a transformative initiative. It has played a significant role in
reiterating that Liquid South Africa is aligned with the government in meeting
its 2030 NDP objective of 100% broadband coverage. Liquid SA has invested
heavily in EC since then across a raft of initiatives aimed at fostering
innovation and empowering citizens with digital skills, even in the farthest
part of the province. It has invested over R400 million into extending its
operations in the region, connecting more than 1,300 government buildings, and
creating over 600 permanent and temporary jobs.
The project will significantly increase access to
high-quality digital connectivity for businesses and other organisations. As
high-speed Internet infrastructure expands, it will create jobs and stimulate
economic growth. Beyond the immediate project, the investment will strengthen
the integration of the digital ecosystem in South Africa, facilitating
e-government services and connecting underserved areas.
Liquid Intelligent Technologies looks forward to this
investment’s tremendous impact on the country’s digital future and society.
This investment is a major milestone in realising a digitally connected Africa
that is empowered through connectivity, in which no one is left behind.
The investment from the IFC, a member of the World
Bank Group, is the latest contribution to the collaboration it entered into
with Liquid, which is aimed at increasing digital connectivity and inclusion in
Africa and supporting the region’s growing digital ecosystem.
By:
Kanto Okanta