DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH (“DEG”), Germany’s development finance institution, has announced a USD 20m commitment to Convergence Partners Digital Infrastructure Fund (CPDIF). The fund manager Convergence Partners has a successful track record of investing across the technology and digital sectors across sub-Saharan Africa and has backed several companies with pioneering business models in their respective fields thus combining returns for investors with meaningful and sustainable market development.
DEG’s funding will provide growth capital to support African businesses in their pursuit to expand and densify the digital infrastructure for Africa’s ongoing digital transformation. This investment in the digital infrastructure ecosystem will be a key enabler to boost entrepreneurship, innovation, skills development and job creation across the continent.
Christof Gross, Vice President at DEG’s infrastructure and energy global equity team said: “We are witnessing a substantial acceleration of Africa’s digital transformation journey. At DEG, we are excited to navigate this development together with Convergence Partners and look forward to our investments, which will foster digital inclusion by increasing access to reliable and affordable digital services of international quality standards for African businesses and consumers.”
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