Seabras-1 cable secures additional funding

Seaborn Networks, the company behind the Seabras-1 cable, has received investment from the International Finance Corporation (IFC).

Seaborn will use investment from the IFC – a member of the World Bank Group – to fund its 40Tbps subsea cable system between São Paulo and New York.

“Seaborn’s approach of selling spectrum and lit capacity on the wholesale market helps to accelerate broadband development, an important tool for economic growth, in Brazil and other South American countries,” said Aniko Szigetvari, head of telecom, media and technology for Africa and Latin America, IFC.

Last October, Seaborn also secured a credit facility from the French Export Credit Agency, Coface, to facilitate the manufacture and installation of Seabras-1.

Seabras-1 is scheduled for completion in 2015 and is being built by Alcatel-Lucent Submarine Networks.