Standard Bank Group has confirmed the successful completion of a R5 billion debt financing program for MetroFibre Networkx. The package will help support the continued deployment of the company’s fiber optic data network across South Africa.
To this end, the funding will be used to extend MetroFibre connectivity to homes and businesses in underserved communities across the country and is expected to help increase the reach of an additional 500,000 households across South Africa.
“Partnerships like these are a testament to how doing good in business is good for business, and in this case, empowering South Africans through digital inclusion to drive meaningful social impact,” noted Nishela Ramgoolam, head of structured capital at Standard Bank Corporate and Investment. Banking.
“This timely agreement with a proudly South African digital infrastructure company supports our mission to drive positive, sustainable and truly integrated technology growth across the continent, and develop digital innovations that matter,” Ramgoolam added in a statement. release sent to Hypertext.
The debt financing announcement is of course also welcomed by MetroFibre Networx, as its free-to-air network currently serves more than 350,000 homes in six provinces.
The aforementioned 500,000 additional residences across the country that it plans to reach with the funding are expected to materialize by 2025.
“Our next era of growth will be defined by greater access to reliable telecommunications for the majority of citizens, with fiber connectivity playing an increasingly vital role in economic growth, improving access to education and the provision of a myriad of employee benefits,” enthused Wayne Edwards, chief financial officer of MetroFibre Networkx.