CDC Group, a U.K. development finance institution and impact investor, has committed $50.9 million to expand digital infrastructure, boost rural connectivity and accelerate digital technology access for rural and underserved communities across sub-Saharan Africa.
The capital will support the continued growth of the information and communication technology (ICT) sector in the continent, helping to boost development of necessary infrastructure and providing rural and underserved communities with access to affordable mobile connectivity.
The first investment is a $40 million commitment to Convergence Partners Digital Infrastructure Fund (CPDIF), managed by Convergence Partners — a specialized Africa-focused ICT fund manager — supporting a first close, together with other development finance institutions (DFI) and financial investors, of $120 million and a target fund size of $250 million.
CDC’s funding will enable CPDIF to invest in digital infrastructure and
