R5 billion boost for fibre in South Africa

Standard Bank Group has finalised a R5 billion debt finance package for MetroFibre Networx, supporting the group’s fibreoptic data network rollout across South Africa.

The financing will be used to expand MetroFibre’s fibre connectivity into homes and businesses in underserviced communities across the country, the bank said and is set to contribute to increasing MetroFibre’s reach by an additional 500,000 households.

“Access to the internet is fundamental in closing the digital divide and giving individuals the opportunity to participate in the globally connected economy,” said Nishela Ramgoolam, an executive for structured capital at Standard Bank Corporate and Investment Banking.

“This timely deal with a proudly South African digital infrastructure business supports our mission of driving positive, sustainable and truly embedded technological growth across the continent and developing digital innovations that matter.”

MetroFibre Networx is a diversified network operator, a carrier-class Ethernet (CE 3.0) infrastructure company that today provides fibre optic broadband connectivity in South Africa.

Launched in 2010, the company ranks among the top three fibre network operators in South Africa with its open-access network currently passing over 350,000 homes in six provinces. It aims to reach an additional 500,000 residential homes across the country by 2025.

Read: Standard Bank partners with WebAfrica to offer high-speed internet fibre