World
IFC Grants SEACOM $207m to Boost Digital Connectivity
By Adedapo Adesanya
The International Finance Corporation (IFC) has partnered with a digital infrastructure and IT services company, SEACOM, to grow its broadband cable network and cloud-based product offering in sub-Saharan Africa, as continued efforts to boost broadband access in Africa and increase the availability of IT services for small and medium-sized businesses.
Over the last decade, IFC committed and mobilized more than $7 billion in digital infrastructure and services globally. In addition to providing financing, IFC helps investees improve corporate governance and align environmental and social practices with IFC’s performance standards.
Under this new partnership, IFC is providing a $207 million long-term loan package to SEACOM, which includes $70 million from IFC’s financing, $42.24 million co-financing mobilized from institutional investors through IFC’s Managed Co-Lending Portfolio Program (MCPP), and $94.76 million equivalent mobilized from Nedbank Limited and Mauritius Commercial Bank.
SEACOM leverages cloud technology, its broadband submarine cable network, and fibre in major African cities to provide business tools in Djibouti, Kenya, Mozambique, Rwanda, South Africa, Tanzania and Uganda.
In a statement seen by Business Post, the lender said the funding would support SEACOM’s strategy to become an integrated broadband connectivity and next-generation cloud-based IT service business.
IFC anticipates that the investment will increase access to quality IT services for African businesses, enabling SEACOM to support the digital transformation of 24,000 enterprises in the region by 2027, including in low-income countries, by increasing access to the internet and cloud and cybersecurity services. IFC’s partnership with SEACOM is another step toward helping to close the digital connectivity gap in Africa.
“Pursuing our expansion ambition in Africa will allow our company to leverage the opportunities created by the increasing demand for digital services; it is also a demonstration of a long-term partnership with the IFC,” said Mr Richard Schumacher, Group Chief Financial Officer at SEACOM.
“Access to affordable, good-quality internet is central to economic and social development,” said Mr Sarvesh Suri, IFC’s Regional Director for Infrastructure and Natural Resources in Africa. “The partnership with SEACOM will support the company in expanding much-needed digital infrastructure and cloud-based services to connect more people and businesses on the continent meaningfully.”
IFC’s digital strategy in Africa aims to enable ubiquitous, reliable, and affordable connectivity. This includes investing in the growth of independent tower operators, data centres and broadband, and support to mobile operators primarily in fragile states and low-Income International Development Association countries (LIC-IDA).
By Adedapo Adesanya
The global markets are experiencing relief as the United States and China, the world’s two largest economies, have agreed to slash tariffs on each other, to ease effects of a trade war.
Speaking after talks with Chinese officials in Geneva, US Treasury Secretary, Mr Scott Bessent told reporters that the two sides had reached a deal for a 90-day pause on measures.
US trade representative Jamieson Greer said so-called reciprocal tariffs were now at 10 per cent each.
Business Post reports that in real terms, the deal means the US is reducing its 145 per cent tariff announced by President Donald Trump to 30 per cent on Chinese goods.
A tariff of 20 per cent had been implemented on China when President Trump took office over what his administration said was a failure to stop illegal drugs entering the US.
China has agreed to reduce its 125 per cent retaliatory tariffs to 10 per cent on US goods.
Sector-specific tariffs, such as the 25 per cent tax on cars, aluminium and steel, remain in place.
Last month, President Trump announced a 90-day pause on the reciprocal tarrifs. However, China was the only country exempt from the pause on the retaliatory tariffs above the base 10 per cent levies.
The development had impacted many markets across the world from stocks to oil to bonds and minerals.
Mr Bessent said after a weekend of negotiations in Switzerland, the countries had a mechanism for continued talks.
It is the second major trade announcement made by the US in the last week, after a deal was secured with the United Kingdom on Thursday.
The move signals a willingness from the Americans to make deals on tariffs.
The news was received positively by major markets.
Brent crude is currently up 2.9 per cent to $65.78 per barrel while the US West Texas Intermediate (WTI) is up 3.1 per cent to $62.91 a barrel.
Asian stock markets on Monday as major indexes were up. In China, the Shanghai Composite stock index rose 0.8 per cent, the Shenzhen Component gained 1.7 per cent, and Hong Kong’s Hang Seng index was up nearly 3 per cent.
Korea’s Kospi grew 1.1 per cent, Japan’s Nikkei was up 0.8 per cent while India’s Nifty 50 index of most valuable companies gained more than 3 per cent, as per Sky News.
CNBC reports that US stocks look set to rise on the open, based on after-hours trading. Wall Street’s tech-heavy Nasdaq is expected to rise by 3.3 per cent, and the S&P 500 index of companies relied on to be stable and profitable by 2.5 per cent.
Mr Bessent also said, “As long as there is good faith effort, engagement and constructive dialogue, then we will keep moving forward,” in response to questions from journalists.
The market will await further developments and possible ease to recent headwinds.
By Adedapo Adesanya
The new pope of the Catholic Church has been revealed as Robert Prevost of the United States, the first American pontiff in history.
Following his emergence, he will be known as Pope Leo XIV.
Voting commenced on Wednesday, and after three rounds of black smoke, white smoke billowed above the Sistine Chapel on Thursday evening.
This is the signal that cardinals had selected a new pontiff on the second day of the conclave.
Prevost, age 69, from Chicago, Illinois, is a leader with global experience. He spent much of his career as a missionary in South America and served as a Bishop in Peru. He most recently led a powerful Vatican office for bishop appointments. He is expected to build on Pope Francis’ reforms.
There were 133 voting cardinals, who had all been sequestered inside the Vatican during the conclave. Any one of them needed two-thirds of the vote to become the next pope.
“Peace be with you all,” said Leo XIV in his first remarks as pope.
“This is the first greetings of the resurrected Christ, the good shepherd who has given up his life for God,” he said, explaining the choice of his greeting. “And I should also like this greeting of peace to enter our hearts and our families.”
Leo XIV looked visibly emotional as he waved to the adoring crowd in the square below the balcony.
A leader with global experience, he spent much of his career as a missionary in South America and most recently led a powerful Vatican office for bishop appointments. He is expected to build on Pope Francis’ reforms.
He worked for a decade in Trujillo, Peru, and was later appointed bishop of Chiclayo, another Peruvian city, where he served from 2014 to 2023.
Prevost also holds a Peruvian passport and has been a Peruvian citizen since 2015.
By Dipo Olowookere
A white smoke was seen from the Sistine Chapel at the Vatican City on Thursday evening, signalling the election of a new pope for the Catholic Church.
This is coming a few days after the previous occupier of the position, Pope Francis, was laid to rest after he died on Easter Monday of 2025 at the age of 88 after an illness.
At the moment, the name of the new pope has not been announced. This would be done later by Cardinal Dominique Mamberti from the balcony of St. Peter’s Basilica.
About 133 Cardinals partook in the process of electing a new pope, the largest in history, with 103 of them doing this for the first time.
On Wednesday, the Conclave could not finalise the election of a new pope, with a black smoke emanating from the the Sistine Chapel.
Details later…
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