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DEG and Vantage have announced a joint US$30mn investment in Ghanaian 4G network provider Surfline

The German finance institution and the South African mezzanine debt provider this week announced they will invest US$15mn each in the firm, which is currently working to expand its 4G LTE network in Ghana.

The company said the funds will largely be used for the 4G project, which will be the first of its kind in the West African nation, providing Internet speed increases of up to 10 times over existing networks.

Commenting on the investment, DEG’s director equity & mezzanine for Africa, said, “DEG is excited to partner with Vantage in the investment in Ghana. We believe that the investment in Surfline will contribute to improve internet connectivity in Ghana and as such be an important factor to bridge the digital divide.”

Surfline’s 4G network has seen an exponential growth in its customer base since its launch in August 2014, and Colin Rezek, managing partner at Vantage, called the investment “one of the most exciting deals out of the over 600 investment opportunities we have reviewed in the past five years.”

Funds from the joint investment will also be used to strengthen Surfline’s product distribution and marketing capabilities.

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