International Finance Corporation, the private-sector arm of the World Bank Group, has committed up to $50 million to a planned bond issuance by Liquid Telecommunications Holdings, a pan-African telecom company owned by Zimbabwean billionaire Strive Masiyiwa, to support its expansion and strengthen broadband infrastructure across the continent.

According to investment information published by IFC, the development finance institution will invest up to $50 million in the bond through Liquid Telecommunications Financing, Liquid’s UK-based subsidiary. The broader bond issuance is expected to raise between $300 million and $350 million.

IFC backs Liquid’s expansion and debt refinancing

The investment is designed to support Liquid Telecom’s capital investment plans while refinancing existing debt, freeing up cash for additional capital expenditure across its network.

IFC’s participation follows its earlier involvement in Liquid Telecom’s South African rand-denominated term loan and is intended to anchor the bond while helping mobilise additional institutional investors. The financing comes as demand for reliable broadband, cloud infrastructure and digital services continues to expand across African markets.

Liquid operates Africa’s largest independent fibre network

Liquid, a business of Cassava Technologies, operates a pan-African digital infrastructure platform serving telecommunications operators, carriers, enterprises, media companies and retail customers.

The company’s fibre network has expanded to more than 116,000 kilometres, making it Africa’s largest independent fibre network. Liquid operates networks across South Africa, Kenya, Tanzania, Rwanda, Uganda, Botswana, the Democratic Republic of Congo, Zambia, South Sudan and Zimbabwe, with additional commercial operations in markets including Nigeria, Mauritius, the UAE and the UK.

In Nigeria, Liquid provides high-speed connectivity, cloud, and cybersecurity services to private- and public-sector customers.

New funding creates room for network investment

The IFC-backed financing is expected to strengthen Liquid’s balance sheet by refinancing maturing obligations while creating additional financial capacity for capital expenditure.

Liquid has continued investing in cross-border fibre infrastructure, including routes linking major African markets. Its network also connects to international submarine cable systems, helping businesses and telecom operators access higher-capacity connectivity.

Liquid’s strategic growth under Strive Masiyiwa

Liquid Telecom was established in 2004 as part of the Econet Group, evolving from Econet Satellite Services, which dates to 1997. Liquid Telecommunications Holdings Limited, the current Mauritius-incorporated holding company, was incorporated in 2007.

Under the leadership of Strive Masiyiwa, whose net worth is estimated at $2.1 billion, Liquid has used strategic partnerships to extend its infrastructure’s reach. The expansion reflects Liquid’s evolution from a telecommunications operator into a broader digital infrastructure and technology platform, with its fibre network providing the foundation for connectivity, cloud and cybersecurity services across African markets.