International Finance Corporation (IFC), the private-sector investment arm of the World Bank Group, is proposing a $35 million financing package for the Mauritius-based West Indian Ocean Cable Company (WIOCC) to expand broadband connectivity, fiber networks and data center capacity across Africa, including Nigeria.

According to project disclosures published on October 14, 2026, the proposed financing comprises a senior secured sustainability-linked loan of up to $35 million for WIOCC, a Mauritius-incorporated wholesale broadband connectivity provider and subsidiary of WIOCC Holding Company. The investment remains pending approval, with a projected board date of November 13, 2026.

WIOCC targets fiber expansion in Nigeria and Africa

The proposed financing will support WIOCC’s acquisition of additional subsea cable capacity, expansion of terrestrial fiber networks across Southern and West Africa, and increased data center capacity.

The company also plans to leverage existing metropolitan infrastructure to expand its Open Access Metro business, improving fiber connectivity to residential estates and businesses served by internet service providers in Lagos and other Nigerian states.

The investment is expected to improve the quality, reliability, and affordability of internet access for individuals and businesses while strengthening competition in Africa’s broadband market.

In Nigeria, the expansion could support wider fiber deployment by demonstrating the commercial viability of large-scale infrastructure investment and WIOCC’s wholesale connectivity model.

IFC structures $35 million financing package

IFC’s proposed investment comprises an A loan of up to $20 million and a B loan of up to $15 million, both denominated in U.S. dollars.

The financing forms part of an estimated $577 million project cost, which is expected to be funded through new equity from an investor consortium, approximately $60 million in new debt, including IFC’s proposed financing, and internal cash.

The transaction builds on IFC’s previous financing for WIOCC, including loans committed in 2024 and 2025. IFC has maintained a relationship with the group since 2007, when it was founded. WIOCC’s infrastructure footprint includes network operations facilities in Nairobi, open-access data centers in Lagos, and data center operations in Johannesburg and Cape Town. Its ongoing fiber-to-the-x deployment in Lagos underscores Nigeria’s importance to the group’s expansion strategy.

The development finance institution said its primary additional contribution would be financial, providing tailored dollar-denominated debt to strengthen WIOCC’s financing structure, accelerate fundraising and support continuity of its capital expenditure programme.

West Indian Ocean Cable Company strengthens African footprint

West Indian Ocean Cable Company (WIOCC), a pan-African digital infrastructure provider established in 2007, is backed by a consortium of African telecommunications operators, private equity fund Adaba Limited, IFC, and the company’s management. These include Dalkom Somalia, Djibouti Telecom, Lesotho Communications Authority, Mozambique Telecom (Tmcel), ONATEL Burundi, Telkom Kenya, TelOne Zimbabwe, Uganda Telecommunications Corporation, Botswana Fibre Networks and Zanzibar Telecom.

The group operates a regional network spanning subsea cables, terrestrial fiber infrastructure and open-access data centers, connecting African markets to Europe and other international destinations, providing wholesale broadband connectivity linking African countries to Europe and other international markets through subsea cables, terrestrial fiber networks and data center infrastructure.

If approved, the proposed $35 million IFC financing would help WIOCC expand its network capacity, strengthen broadband infrastructure, and improve connectivity for businesses and consumers across Africa, with a particular focus on extending fiber access in Nigeria and other underserved markets.