Harare – The African Export-Import Bank (Afreximbank) has announced a minority investment by the Fund for Export Development in Africa (FEDA) into Liquid Intelligent Technologies, a pan-African telecommunications technology group.
This is the first investment made by FEDA, a development impact-oriented subsidiary of Afreximbank, which provides equity and quasi-equity funding to companies developing trade and value-added export of goods and services in Africa.
Digital solutions provider Liquid Intelligent Technologies achieved the 100,000km fibre network milestone, positioning the organisation as the largest independent fibre network provider in emerging markets globally.
Liquid has been manoeuvring steadily through Africa, investing in increasing its reach, which it has successfully done, moving the dial from 89,989km at the beginning of 2021 to reach this new milestone now. With its additional fibre network connecting 14 countries, primarily in Sub-Saharan Africa, customers can now explore opportunities in Africa and across the US, Asian and European markets.
The organisation’s fibre infrastructure impacts more than 100 million people across 643 towns and cities on the continent. This extensive network will create new opportunities by making digital inclusion a reality for businesses and individuals across the continent and ultimately accelerating the on-going digital transformation in Africa.
This investment enables FEDA to become a stakeholder in Africa’s fast-growing technology infrastructure landscape, in which Liquid is a leading player. Liquid’s infrastructure therefore facilitates intra- and extra-African connectivity thereby reducing the cost of communication and trade, in line with the mandate of FEDA and Afreximbank.
Professor Benedict Oramah, the president of Afreximbank, noted that: “FEDA’s investment in Liquid Intelligent Technologies is a landmark deal as the fund’s first investment. The transaction is a demonstration of FEDA’s ability to leverage African Export-Import Bank’s network and invest in opportunities that will drive the structural transformation of trade on the continent. Liquid provides vital digital infrastructure that supports Africa’s connectivity and trade with the rest of the world.
“This investment will pave the way for more investments by FEDA and commences the process of building an institutional track record of successfully investing and delivering development impact on the continent.”
FEDA’s mission is to provide equity capital with a focus on delivering development impact in diverse sectors in Africa which are critical to driving intra-African trade and value-added export development, while providing a financial return to investors.