The U.S. International Development Finance Corporation has approved its largest equity investment to date in the West Indian Ocean Cable Company, a pan-African digital infrastructure firm, as it prepares to engage with partners at the Africa Tech Festival in Cape Town.
Speaking to journalists during a virtual press briefing on Monday, November 9th, 2026, hosted by the U.S. Department of State’s Africa Regional Media Hub, Jim Kelly, Vice President for the Office of Global Business Development, said the investment would help expand fiber networks, subsea cables and data-center capacity across more than 30 African countries.
“This transaction reflects what we look for in every investment: advancing U.S. strategic priorities, delivering returns to American taxpayers, mobilizing private capital, and most importantly, generating lasting economic development,” Kelly said.
He added that the deal is expected to mobilize up to $400 million in private capital, with DFC investing alongside Vision International Investment Company and the African Finance Corporation.
Kelly said DFC’s mandate was reauthorized at the end of 2025, allowing it to deploy $205 billion over the next five years, up from the initial $60 billion, while providing greater flexibility to invest across the capital stack.
Across Africa, DFC has more than $14.5 billion in investment commitments. He noted that less than 40 percent of Africa’s population uses the internet and that the continent accounts for less than 1 percent of global data-center capacity.
On its investment process, Kelly said DFC would not make radical changes to compete with private banks. “Our role is to really complement what private capital can do, and not to crowd out commercial investors,” he said.
The corporation applies three core criteria: delivering appropriate returns for U.S. taxpayers, advancing economic development, and supporting U.S. strategic interests. It can provide patient capital, including loans of up to 25 years, as well as other instruments such as guarantees and political risk insurance.
Kelly said colleagues would attend the Africa Tech Festival from 16 to 19 November. He also confirmed that rehabilitation work on the Lobito Railway is ongoing, adding that DFC seeks to support broader value chains in critical minerals, energy, transport, agriculture, healthcare and financial services, rather than focusing on extraction alone.
The corporation aims to serve as a catalyst for sustainable economic ecosystems that benefit both local communities and U.S. taxpayers.
