The Standard Bank Group has confirmed the successful finalisation of a R5 billion debt finance package for MetroFibre Networx. The package will help support the company’s continued fibreoptic data network rollout across South Africa.

To that end the financing will be used to expand MetroFibre’s connectivity into homes and businesses in underserviced communities across the country and is set to contribute to increasing reach by an additional 500 000 households across South Africa.

“Partnerships such as these are a testament to how doing good in business is good for business, and in this case empower South Africans through digital inclusion to foster meaningful social impact,” noted Nishela Ramgoolam, executive for Structured Capital at Standard Bank Corporate and Investment Banking.

“This timely deal with a proudly South African digital infrastructure business supports our mission of driving positive, sustainable and truly embedded technological growth across the continent, and developing digital innovations that matter,” added Ramgoolam in a press release sent to Hypertext.

The announcement of the debt financing package is of course welcome by MetroFibre Networx too, as its open-access network currently passes over 350 000 homes in six provinces.

The aforementioned additional 500 000 residential homes across the country it plans to reach thanks to the financing, is earmarked to happen by 2025.

“Our next era of growth will be defined by bringing greater access to reliable telecommunications to the majority of citizens, with fibre connectivity playing an increasingly vital role in driving economic growth, increasing access to education, and providing a myriad of social benefits,” enthused Wayne Edwards, chief financial officer at MetroFibre Networx.