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By TechnoMag
Pan-African digital infrastructure operator Liquid Intelligent Technologies has secured a $50 million loan from the Emerging Africa & Asia Infrastructure Fund (EAAIF) as it moves to strengthen its balance sheet and sustain investment in its cross-border fiber-optic network.
The financing, announced on Aug. 4, is part of a broader $450 million restructuring and expansion programme aimed at improving Liquid’s financial position while supporting the long-term development and maintenance of its telecommunications infrastructure across Africa.
Liquid, a subsidiary of Cassava Technologies, founded by Zimbabwean billionaire Strive Masiyiwa, operates more than 110,000 kilometres of terrestrial and subsea fiber infrastructure across 25 African countries, including Zimbabwe, South Africa and Kenya.
The company describes its network as Africa’s largest independent fiber backbone, providing connectivity to telecommunications operators, enterprises and major cloud service providers.
According to EAAIF, the latest financing will help Liquid optimise its capital structure while ensuring continued investment in the maintenance and resilience of its network.
The funding comes as demand for high-speed connectivity, cloud computing, artificial intelligence and digital services accelerates across African markets, increasing pressure on infrastructure providers to expand capacity while maintaining reliable cross-border networks.
“This collaboration with EAAIF represents both a financial and strategic milestone for Liquid,” Group Chief Executive Hardy Pemhiwa said.
He said strengthening the company’s balance sheet would provide a stronger foundation for the continued expansion of Liquid’s network and its role in Africa’s digital transformation.
The deal also highlights the growing role of private capital in financing the continent’s digital infrastructure as operators seek to build networks capable of supporting next-generation technologies.
Martijn Proos, Co-Head of Alternative Credit for Emerging Markets at Ninety One, which manages EAAIF, said reliable digital infrastructure has become fundamental to economic growth.
“A robust and reliable digital network forms the backbone of every modern economy,” Proos said, adding that the financing reflects confidence in the long-term potential of Africa’s digital corridors.
Building infrastructure for AI and cloud
The EAAIF financing follows an aggressive period of fundraising and technology partnerships for Liquid.
During the first half of 2026, the company completed a $660 million debt financing, including a $300 million Eurobond that was 2.5 times oversubscribed after being listed on Euronext Dublin.
Liquid has also been positioning its network as infrastructure for the next wave of enterprise connectivity, cloud computing and artificial intelligence.
Earlier this year, the company announced a partnership with US-based AXON Networks to deploy an Operator-as-a-Service platform, leveraging Liquid’s extensive terrestrial and subsea fiber footprint.
The operator also entered into an investment agreement with Nvidia in 2025, targeting the development of artificial intelligence infrastructure and data centres.
The latest EAAIF funding therefore comes at a time when Liquid is increasingly positioning its network beyond traditional telecommunications, with fiber infrastructure becoming a critical foundation for Africa’s cloud, AI and digital economy ambitions.
With more than 110,000 kilometres of infrastructure spanning 25 markets, Liquid is betting that the continent’s next phase of digital growth will require not only more connectivity, but deeper regional integration of the networks supporting it.
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