Strive Masiyiwa Makes $400M Data Infrastructure Investment Across Egypt
Photo Credit: Bloomberg via Getty Images
Zimbabwean billionaire Strive Masiyiwa is investing $400 million in data infrastructure across Egypt in an agreement between Liquid Telecom and Telecom Egypt.
According to the African News Agency, the partnership comes as Liquid Telecom—a Pan-African telecoms group—is expanding its 70,000 km network linked to more than 600 towns and cities in 13 countries around Africa.
“We have already crossed Africa from East to West through Sudan and Chad. We are at the Nigerian border and we expect to reach Abuja by the end of January in time for the AU Summit. We want to reach Dakar before President El-Sisi finishes his term,” said Masiyiwa Liquid Telecom CEO at a press conference.
The deal signed during the Business For Africa forum in Cairo says Telecom Egypt will use Liquid Telecoms network to connect Egyptian businesses with the rest of the continent.
The agreement includes an investment of $50 million in data centers and cloud services, with plans to invest another $350 million in broadband and financial inclusion in Egypt.
“We need to push the linkage of our continental power grids, and also rail and air transportation,” Masiyiwa told Ventures Africa. “Now is the time for bold initiatives to build intra-African trade and investment.”