The International Financial Corporation (IFC) has revealed that Africa must double its digital infrastructure spending to $6 billion annually to connect more people and businesses to the internet. The IFC’s revelation comes on the heels of a survey of firms across 54 countries that shows that low internet usage on the continent can be attributed to inadequate infrastructure and high costs. Despite the World Bank’s $2.8 billion investment in digital projects over the past decade, many areas remain underserved. Based on this, the IFC decided to increase its total investment in Africa to $10 billion by the end of 2024, with its primary focus on innovative companies that will boost digital adoption. Fortunately, things are improving with more submarine cables arriving on the continent, although there is still the challenge of transmitting internet capacity to urban areas.
SOURCE: TECH CABAL
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