WIOCC VI Debt

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The West Indian Ocean Cable Company (WIOCC) Group is a top pan-African digital infrastructure provider, offering open-access data centres and high-capacity fibre networks across Africa. WIOCC Holding Company Ltd, its parent company, provides wholesale broadband connectivity linking African countries to Europe and beyond. WIOCC Holding Company has been a client of IFC since 2007.  The proposed IFC investment comprises a senior secured sustainability-linked loan (“SLF”) of up to US$20.8 mn to WIOCC’s subsidiaries: WIOCC Mauritius (“WIOCC MU”) (US$ loan) and OADC PropCo South Africa (“OADC SA”) (ZAR loan), jointly referred to as “WIOCC Group”. Both entities are existing IFC clients under the 2024 SLF loans (#48053 and #49887) https://disclosures.ifc.org/project-detail/ESRS/48053/wiocc-slf-loan and WIOCC MU is a client under IFC’s 2020 loan (#44202); https://disclosures.ifc.org/project-detail/SII/44202/rse-covid-wiocc. IFC also holds a 10% equity stake in WIOCC Holding Company; WIOCC III equity in 2022 (https://disclosures.ifc.org/project-detail/ESRS/41580/wiocc-iii);This current project is considered an extension of WIOCC SLF loan (#48053) and OADC SLF Loan (#49887) which also sought to enhance connectivity and data hosting services for individuals and businesses in Africa. Proceeds from the new transaction will support WIOCC in expanding its network through further deployment of subsea and terrestrial cables to extend coverage in South and West Africa and increase data center capacity, primarily in Nigeria and South Africa as well as leverage the existing metro infrastructure to expand its Open Access Metro business improving fiber connections to estates and businesses for ISPs in Lagos and other States of Nigeria.