WIOCC VI Debt

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WIOCC was established in 2007 for the development and operation of submarine and terrestrial fiber optic cable networks. In 2019, WIOCC established Open Access Data Centres (OADC) to expand into the development and operation of open access data centres, and in 2024, it established Open Access Metro Services (OAMS) to offer open access wholesale fibre-to-the-home/business (FTTx) infrastructure to internet service providers (ISP). Currently, WIOCC offers connectivity solutions throughout 30+ countries in Africa, operates 6 data centres in South Africa, Nigeria, and the Democratic Republic of Congo (DRC), with a combined installed capacity of 5.6 MW, and provides fibre-to-the-home/business (FTTx) services in Nigeria. In 2007, IFC along with other development finance institutions (DFIs), approved loan financing for the Eastern Africa Submarine Cable System (EASSy, Project #25340), in which WIOCC was a majority shareholder. In 2022, IFC acquired a minority equity stake in WIOCC (Project #41580 and approved a new loan in 2024 (Project #48053) for the refurbishing of existing data centres in DRC, Johannesburg and Durban and the construction of new data centres. The proposed IFC loan and parallel loans, which are partly mobilized by IFC, will help fund capital expenditure plans to expand WIOCC’s pan-African data centre network across the Target Countries, fund the expansion of WIOCC’s FTTx business in Nigeria, and fund capacity and network expansion for the connectivity business. IFC’s proposed financing package includes an equity investment of up to US$50 million and a sustainability-linked loan of up to US$20.4 million equivalent (a US$10 million tranche and a South African Rand tranche of US$10.4 million equivalent). The project’s principal activities include: (a) acquiring capacity from existing submarine cables, (b) expanding data centre infrastructure, (c) growing the new fiber-to-the-home/business (FTTx), and (d) investing in terrestrial fibre. Key efforts are focused on increasing data centre capacity in South Africa and Nigeria through the construction of a new block at the Lagos (Lekki) Data Centre and the expansion of the current facility in Durban. Concurrently, connectivity efforts will add bandwidth by securing more capacity on major submarine cables like Equiano, EASSy, 2Africa West, and 2Africa Gera. The FTTx component will be implemented in partnership with a local ISP, with only limited last-mile construction expected.