Liquid is the leading pan-African provider of wholesale voice, wholesale data, and internet protocol (IP) services, and an existing IFC client, and provides internet services across the African continent.

 The total Term Loan amount is up to $220 million ZAR equivalent. The proposed IFC investment is for an up to ZAR 1,029 million investment in the Term Loan, for IFC's own account..

Liquid Telecom South Africa is the South African subsidiary of Liquid. Liquid is a Pan-African company with operational locations across Africa.

This is a Category B project as per IFC’s Policy on Environmental and Social Sustainability. Based on IFC’s review, the project is expected to have limited adverse environmental or social risks and/or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through established mitigation measures.

Given IFC’s existing knowledge of the client, sector, and contextual risks associated with the countries of operation, the focus of the assessment was the suitability, efficacy, and ongoing implementation of the company’s E&S Management System (ESMS) to identify and manage the risks associated with the existing network and potential expansion activities. In this regard, potential risk areas include: (i) the adequacy of E&S resourcing to cover an extensive fiber and data center network across the region, (ii) implementation of fair and safe labor and working conditions for direct and contract workers, including traffic and road safety management measures; (iii) adequate monitoring and management of suppliers and third-party service providers, (iv) resource efficiency and greenhouse gas (GHG) recording, and (v) stakeholder engagement and external grievance management.