Local Firm Buys Into Data Centre

Jan 31 , 2021


WebSprix, an Ethiopian private internet service provider, has made a significant minority investment in Wingu.Africa's Ethiopian subsidiary. WebSprix, which previously completed a data centre installation project for Bank of Abyssinia, was established in 2011. The two companies are working closely together on their expansion plans to support the development of critical ICT infrastructure in Ethiopia, focusing on shrinking the digital divide, according to Anthony Voscarides, Wingu co-founder and CEO. Wingu.Africa, which broke ground on the country's first carrier-neutral hyper-scale data centre earlier this month, received 15,000Sqm of land at the ICT park in November 2020. East Africa’s first carrier and cloud-neutral data centre group, Wingu has a data centre in Djibouti that has been operational for 10 years. It plans on opening an additional data centre in Adama in the future. An additional three companies, Raxio Data Plc, Red Fox Web Solution and ScutiX, have also managed to obtain data centre spaces at the ICT Park.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email