- EmpowerAfrica
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Did you know that over 525 million people used the internet in Africa in 2019? If current growth trends continue, almost 75% of Africans are expected to come online by 2030.
Andile Ngcaba is a South African businessman and technology entrepreneur known for his contributions to the telecommunications industry in Africa.
Ngcaba has held various prominent positions in both the public and private sectors. In the early 1990s, he played a significant role in transforming the South African telecommunications industry while serving as the Deputy Director-General of the South African Department of Communications.
He is the founder and Executive Chairman of Convergence Partners, an investment management firm focused on Africa’s technology, media, and telecommunications sectors. The company aims to support the growth of infrastructure, connectivity, and digital services across the continent.
He has also been involved in various other technology-related ventures and initiatives, including serving as the Council for Scientific and Industrial Research (CSIR) Chairman and the South African Technology Network. Ngcaba has made significant contributions to the development of technology and telecommunications in Africa, and his expertise and leadership have positioned him as a prominent figure in the industry.
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The European Bank for Reconstruction and Development (EBRD) is considering an investment of up to €40 million in Amethis MENA Fund III, a new private equity vehicle focused on supporting the growth of small and medium-sized businesses across North Africa and parts of the Middle East.
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British International Investment (BII), the United Kingdom’s development finance institution and impact investor, has launched a new investment strategy for Egypt, reaffirming its long-term commitment to one of its largest markets in Africa, following nearly $1.3 billion in investments in the country since 2012.
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Africa Finance Corporation (AFC) has secured its largest syndicated loan facility to date, raising $2 billion from a consortium of international lenders in a strong vote of confidence for the institution’s infrastructure-led development strategy across the continent.