InfraCo Africa is investing equity into Globology, operators of the WaterBus transportation company operating passenger transport services on Lake Victoria. The investment firm, which is part of the Private Infrastructure Development Group, is investing $3.8 million in the business for an undisclosed stake. No other terms of the deal have been disclosed.Globology will use the capital to expand its services on Africa’s biggest lake, improving the frequency and reliability of its trips between the mainland and the lake’s islands and helping to boost the local economy. The company currently runs a fleet of three modern catamarans, two with 132 seats and the third with 80 seats, providing transport on two routes to passengers and light cargo. Globology will use the capital to build five new ferries for its WaterBus service over the next two to three years and to upgrade its boatyard in Kisumu on the Kenyan side of the Lake. Once operational, the new vessels will operate on new routes in Kenya, Tanzania, and Uganda.
“We are excited to have the opportunity to grow the reach of the WaterBus service and expand our journey to save lives and facilitate the development of Africa’s transportation-challenged communities,” said Globology’s founder Malcolm Ormiston. “InfraCo Africa is an exciting partner to work with to expand the water transport infrastructure sector that’s typically been poorly served by development and investment groups in the region.”
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