CDC Group makes USD50.9 mn investment to digital infrastructure in Africa

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CDC Group has announced two commitments totalling US$50.9 million with the aim to expand digital infrastructure, improve rural connectivity and boost access to digital technology across sub-Saharan Africa. 

The first investment is a US$40 million commitment to Convergence Partners Digital Infrastructure Fund (CPDIF), supporting a first close together with other development finance institutions (DFI) and financial investors of US$120 million. The fund's target size is US$250 million. CPDIF will invest in digital infrastructure and the overlays needed to improve connectivity and access to ICT across the continent. 

The second investment of CDC Group is a US$10.9 million equity commitment to a consortium led by Metier, alongside fellow DFIs DEG, Proparco and other financial institutions investing up to US$40 million in Africa Mobile Networks (AMN). It is the 5th largest independent tower company operating in Africa. The investment will support the expansion of AMN’s mobile network infrastructure and rural connectivity, from the current level of 2,000 towers across 10 countries to 5,000 towers across more than 15 countries by 2023.

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