Digital technology companies operating in Kenya, Nigeria, Ghana, Cote d’Ivoire, Ethiopia, Uganda, Tanzania, Zambia, the Democratic Republic of Congo, Mozambique, Botswana and South Africa are set to gain from a $25 million equity investment by the International Finance Corporation.
The private investment arm of the World Bank announced on Tuesday that it intends to invest up to $25 million in Convergence Partners Digital Infrastructure Fund, an investment management company focused on technology, media, and telecommunications sectors in Africa.
Convergence Partners is based in Johannesburg, and it is seeking $250 million from third-party investors to invest in companies in the digital technology sector and ICT infrastructure in the 12 African countries. The company has offices in Lagos Nigeria and Ebene Mauritius, in addition to the Johannesburg office.
The ICT Infrastructure Fund will be managed by Convergence Partners Africa limited based in Mauritius and advised by Convergence Partners Management Proprietary Limited, based in South Africa.
In the past, IFC invested in Convergence Partners Communication Infrastructure Fund, Convergence Partners’ previous fund.
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