Internet technology provider Google has spun out its African internet infrastructure initiative, Project Link, into a Kenya-based company called CSquared and joined three partners to commit up to $100m to the company.
The funding will be supplied by Google, diversified conglomerate Mitsui & Co, private equity firm Convergence Partners and International Finance Corporation (IFC), the private investment arm of multilateral finance institution the World Bank.
Project Link began life in Uganda in 2013 as a scheme that involved building out fibre optic networks in metropolitan areas that can connect with wireless broadband infrastructure put in place by local internet service providers.
CSquared will extend that work beyond Uganda and Ghana, the other country in which Project Link operates, into other African markets. Mitsui, IFC and Convergence all have experience in funding information and communication technology in Africa.
Google vice-president Marian Croak said: “We believe that together under CSquared, we can get more done to roll-out and operate affordable, high-speed and reliable infrastructure to expand internet access in Africa.
“Project Link has demonstrated the impact of shared wholesale infrastructure, and we are excited to see CSquared bring more infrastructure to more service providers and their customers.”