Tech

IFC partners SEACOM to boost digital connectivity in seven African countries

Published

11 months ago

June 24, 2023

The International Finance Corporation (IFC) has entered into a strategic partnership with South Africa’s digital infrastructure and IT services company, SEACOM, to grow its broadband cable network and cloud-based product offering in seven countries in Africa.

Under the partnership, IFC which provides financing of private-enterprise investment in developing countries around the world through both loans and direct investments, will be providing a $207 million long-term loan package to SEACOM to boost broadband access in Africa and increase the availability of IT services for small and medium-sized businesses.

Richard Schumacher, Group Chief Financial Officer at SEACOM, who announced the partnership in a statement on Friday, said the funding included $70 million from IFC’s own financing, $42.24 million co-financing mobilized from institutional investors through IFC’s Managed Co-Lending Portfolio Program (MCPP), and $94.76 million equivalent mobilized from Nedbank Limited and Mauritius Commercial Bank.

“Pursuing our expansion ambition in Africa will allow our company to leverage the opportunities created by the increasing demand for digital services.

“It is also a demonstration of a long-term partnership with the IFC. It will further provide access to affordable, good-quality internet is central to economic and social development.”

In the same vein, Sarvesh Suri, IFC’s Regional Director for Infrastructure and Natural Resources in Africa, said the “partnership with SEACOM will support the company in expanding much-needed digital infrastructure and cloud-based services to meaningfully connect more people and businesses on the continent.

“IFC anticipates that the investment will increase access to quality IT services for African businesses, enabling SEACOM to support the digital transformation of 24,000 enterprises in the region by 2027, including in low-income countries, by increasing access to the internet, and cloud and cybersecurity services.

“IFC’s digital strategy in Africa is aimed at enabling ubiquitous, reliable, and affordable connectivity. This includes investing in the growth of independent tower operators, data centers and broadband, and support to mobile operators primarily in fragile states and low-Income International Development Association countries (LIC-IDA),” he said.

Related Topics:Africa Featured IFC.Internet Connection Partnership SEACOM

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Tech

Egypt’s Venture Capital firm Glint announces completing close of $3m fund

Published

3 hours ago

May 21, 2024

Akanimoh Etim

Egyptian Venture Capital firm, Glint, has announved completing the first close of its second venture fund, which will invest in early-stage startups at $3 million.

The announcement which was contained in a statement, notes that Glint, a boutique management consulting and investment firm, which since its establishment six years ago has helped build businesses such as Darwinz.ai, has also helped in building companies like Iqraaly, Wasla, Kashier and Filkhedma.

The close of the fund was anchored by Wadi Degla Group. Glint Fund II was led by Tarek Aboualam and Youssef Helmy Habib, and will empower Egyptian entrepreneurs with investment opportunities in the early stages, the statement said.

It added that with tickets ranging from $250,000 to $500,000, it will focus on supporting startups through its proprietary venture studio model.

“Glint’s second fund represents an important step to further develop our ecosystem designed to support Egyptian tech-based startups looking to penetrate the regional and international markets,” said Aboualam.

“Glint’s Venture Studio model is designed to provide much more than just capital; it provides an integrated platform offering business, operational and technical support as well as access to the regional market.

“We are thrilled to start working with our new LPs as well as continue working with our returning investors,” he added.

Tech

MTN Foundation announces 2024 scholarship for Nigerian students

Published

1 day ago

May 20, 2024

Akanimoh Etim

MTN Nigeria Foundation has announced its 2024 scholarship for Nigerian students to support their education and empower the next generation of leaders.

A statement by the Foundation states that the amount for the annual award has also been increased from N200,000 to N300,000 for eligible students.

“The scholarships are in three categories which include the MTN Science and Technology Scholarship (MTN STS), the MTN Scholarship for Blind Students (MTN SBS), and the Top 10 UTME Scholarship,” the statement said.

“MTN Foundation in 2010, established the MTN Scholarships Program, an annual award that recognizes and rewards eligible high-performing students in Nigerian Public Tertiary Institutions in 3 categories:

“MTN Scholarship for Blind Students (MTN SBS) since 2012 has been targeted at eligible 200 and 300-level blind students studying any course in Nigerian Public Tertiary Institutions (Universities, Polytechnics, and Colleges of Education).

“Starting in 2024, the number of blind students to receive scholarships has increased from 60 to 100. The annual award amount also increased from N200,000 to N300,000 and will be awarded until graduation if grade requirements are met.

“Top 10 UTME Scholarship since 2020, the top 10 scoring candidates of UTME as announced by JAMB, automatically qualify for the top 10 UTME scholarship.

“The candidates are awarded scholarships from their 100 level through to graduation upon meeting grade requirements.

“The Top 10 UTME Scholarship is awarded irrespective of the successful candidates’ preferred course of study or Tertiary Institution – Public or Private in Nigeria.”

According to the statement, the MTN Science and Technology Scholarship is open to 300-level students studying Science and Technology-related courses in Nigerian Public Tertiary Institutions (Universities, Polytechnics, and Colleges of Education).

“The MTN Scholarship for Blind Students is open to 200 and 300-level blind students studying any course in Nigerian Public Tertiary Institutions (Universities, Polytechnics, and Colleges of Education).

“STEM Students in Public Universities and Colleges of Education must have a minimum Cumulative Grade Point Average (CGPA) score of 3.0/4 or 3.5/5 (second class upper credit).

“STEM Students in Public Polytechnics must have a minimum Cumulative Grade Point Average (CGPA) of 3.0 (upper credit) from the Ordinary National Diploma (OND) Program and must have secured admission into the Higher National Diploma (HND) Program.

“Direct Entry level STEM students must have a minimum CGPA of 3.0 (upper credit) from the Ordinary National Diploma (OND) program and must have secured admission into 300 level/3rd year in a Public University.

“MTN Scholarship for Blind Students (SBS): Blind Students in the Universities or Colleges of Education must have a minimum Cumulative Grade Point Average (CGPA) of 2.5.

“Blind students in public Polytechnics must have a minimum Cumulative Grade Point Average (CGPA) of 2.0 from the Ordinary National Diploma (OND) Program and must have secured admission into the Higher National Diploma (HND) program,” the statement added.