Liquid Bond 2 (IFC-51146)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 20, 2026
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Liquid Telecom Holdings Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Communications
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 350.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 6, 2026

Disclosed by Bank Oct 1, 2026

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank provided information, the project aims to support Liquid Telecom Holdings Limited (LTH or Liquid) in its future capital investment plans through an IFC investment of up to US$50 million, under Liquid's anticipated bond issuance, to be undertaken through its subsidiary, Liquid Telecommunications Financing (LTF).

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

 The total Bond issuance is expected to be c.US$300-350mn. The proposed IFC investment is for up to US$50 million investment in the Bond, for IFC's own account.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Liquid is a privately owned company established in 2004 as an independent telecommunications provider, offering international voice, internet, and data transmission services using fiber and satellite technologies. The Company is part of Cassava Technologies (Cassava). Cassava is owned by Econet Group, together with a diversified mix of strategic corporate investors, Development Finance Institutions (DFIs), African institutional investors, and global technology companies.

Liquid operates its own fiber-optic and wireless networks across South Africa, Kenya, Tanzania, Rwanda, Uganda, Botswana, the DRC, Zambia, South Sudan, and Zimbabwe, with additional commercial presence in Nigeria, Mauritius, the United Arab Emirates, and the United Kingdom. The Company also maintains a point of presence in Mozambique. Liquid has built Africa's largest independent fiber network, spanning approximately 118,000 km.The scope of services offered by Liquid varies by country; however, its core focus is on providing mobile operators, carriers, enterprises, media and content companies, and retail customers with high-speed, reliable connectivity, as well as cyber security, cloud computing, hosting and co-location, and other digital services.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Liquid Telecommunications Holdings Limited Client Communications

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

For Inquiries About the Project, Contact

Liquid Telecommunications Holdings Limited

Lorraine Harper

Chief Financial Officer

Email

lorraine.harper@liquid.tech

lorraine.harper@liquid.tech

Liquid Telecom, 6 New Street Square, London, EC4A 3BF

www.liquidtelecom.com

Local Access of Project Documentation

Contact Person: Lorraine Harper

 Company Name: Liquid Telecommunications Holdings Limited

Address: Liquid Telecom, 6 New Street Square, London, EC4A 3BF 

Email: lorraine.harper@cassava.tech

Phone: +442071016277

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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How it works