The US International Development Finance Corporation (DFC), a federal agency, promised $300 million to ADC in late 2020, and this is the first tranche of the investment.
ADC is owned by Cassava Technologies, which also owns African carrier Liquid Intelligent Technologies.
At the time of the DFC award, Strive Masiyiwa, founder and executive chairman of the Econet group, which includes Cassava Technologies and Zimbabwe’s Econet Wireless, said: “This money will allow us to expand our facilities in South Africa and Kenya, as well as build new facilities in Egypt, Ghana, and Morocco.”
Masiyiwa said then that ADC will be working with its sister company DPA, which provides the power system for data centres, using solar energy and natural gas.
Tesh Durvasula (pictured), CEO of Africa Data Centres, said: “The increasing demand for cloud and other digital technologies on the continent has directly increased the demand for African data to reside within the continent. This means Africa needs more data centres.”
ADC said it is “executing an ambitious plan” to build data centres in ten African cities, including Abidjan, Accra, Lagos, Cairo, and Casablanca. It plans to expand existing data centres in Johannesburg and Cape Town.
Hardy Pemhiwa, president and CEO of Cassava Technologies, noted the investment by DFC followed $50 million investment by London-based C5 Capital into Cassava Technologies and a partnership to build cyber security operations centres in six African markets. “Through these investments, Cassava Technologies is building Africa’s digital infrastructure to enable accelerated economic development and ensure a digitally connected future that leaves no African behind,” said Pemhiwa.
Durvasula, who joined Cassava and ADC in February 2022, after 10 years with CyrusOne, said: “We are pleased that our data centre expansion programme in South Africa funded by DFC will cater to the growing demand in the country.”
Pemhiwa said: “We look forward to working closely with DFC to overcome Africa’s digital infrastructure deficit and accelerate the adoption of cloud services and digital applications across all industries, further making the continent a competitive destination for international investment.”
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
