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MEDIA RELEASE
16 NOVEMBER 2023
RMB partners with Liquid Intelligent Technologies to accelerate digital transformation in South Africa
Liquid Intelligent Technologies, a business of Cassava Technologies, a pan-African technology group, is set to receive a total of R900 million in funding jointly from RMB and the International Finance Corporation (IFC) to support universal and affordable broadband access in the Eastern Cape Fibre Project.
“RMB is proud to have been the co-arranger and funder for the Eastern Cape Fibre Project to help enable access to information communication technology for communities in the province. Every person should have access to the power of the digital world to better their lives. We believe in partnering our clients who are vested in digital inclusion to narrow the digital divide and counteract the negative social consequences of digital exclusion. We look forward to working on similar transactions across the continent,” says Nana Phiri, Head of RMB’s Corporate Client Group.
The Eastern Cape is one of the least connected regions in South Africa, with just 65% of households having internet access. Of this 65%, only 5% have access at home, which is half the national average of 10% of the population. Since its inception, the Eastern Cape Fibre Project has been a transformative initiative and reiterates Liquid Intelligent Technologies’ alignment with the government in meeting its 2030 National Development Plan (NDP) objective of 100% broadband coverage.
The project will significantly increase access to high-quality digital connectivity for businesses and other organisations. As high-speed Internet infrastructure expands, it will create jobs and stimulate economic growth. Beyond the immediate project, the investment will strengthen the integration of the digital ecosystem in South Africa, facilitating e-government services and connecting underserved areas, and will have a significant impact on the country's digital future and society. This investment is a major milestone in realising a digitally connected Africa that is empowered through connectivity, in which no one is left behind.
“This major investment by IFC and RMB underscores an unwavering commitment to advancing South Africa's broadband connectivity landscape. Liquid is constantly working towards increasing access to high-speed connectivity on the continent. But we are equally invested in ensuring that we upskill and uplift the communities that we are part of. Not only will this investment from RMB and IFC help fund the extension of our fibre backbone in the Eastern Cape, but also help us upskill more South Africans and create employment. We believe this collaboration will set a new benchmark for digital infrastructure in South Africa," says Hardy Pemhiwa, Group Chief Executive Officer of Liquid Intelligent Technologies.
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