Numerous digital technological companies with operations in Kenya, South Africa, Nigeria, the Democratic Republic of Congo, Cote d’Ivoire, Botswana, Ghana, Mozambique, Ethiopia, Zambia, Tanzania, and Uganda, will soon begin to benefit from an equity investment from the International Finance Corporation (IFC) worth an impressive 25 Million US Dollars.
The International Finance Corporation (IFC) which is the private investment arm of the World Bank made it known on the 9th of March 2021 that it is looking to investing up to 25 Million US Dollars in the Convergence Partners Digital Infrastructure Fund. The Convergence Partners Digital Infrastructure Fund, is an investment management company that is focused on the media sector, the technology sector and the telecommunications sector in Africa.
Convergence Partners which is based in Johannesburg, is also looking to raise 250 Million US Dollars from third party investors. It aims to channel the sum towards investing in companies in the Information and Communications Technology (ICT) infrastructure sectors and digital technology sectors present in the 12 African countries.
In addition to its Johannesburg office Convergence Partners has an office in Ebene, Mauritius and an office in Lagos, Nigeria.
The Information and Communications Technology (ICT) Infrastructure Fund will be advised by Convergence Partners Management Proprietary Limited which is based in South Africa, and managed by Convergence Partners Africa limited which is based in Mauritius.
The International Finance Corporation (IFC) has in the past invested in the Convergence Partners’ previous fund which was the Convergence Partners Communication Infrastructure Fund.
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