Tuesday May 21 2024
The funds are expected to help the Tanzanian tower infrastructure company build 200 additional telecommunications sites across the country.
TowerCo of Africa (ToA) Tanzania, a subsidiary of Pan-African telecommunications service provider Axian Telecom, has secured $30 million in financing from British International Investment (BII), UK’s development finance institution and impact investor, the company announced in a statement Monday.
The funds are expected to help the Tanzanian tower infrastructure company build 200 additional telecommunications sites across the country to bolster its mission to bridge the digital gap.
“This financing agreement with BII reinforces our commitment to expanding connectivity and bridging the digital divide in Tanzania. With BII’s invaluable support, we are well-equipped to accelerate our growth trajectory and deliver essential telecom services to underserved communities,” the company’s Chief Executive Innocent Mushi said.
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“We are deeply committed to environmental sustainability and community development. The design of our new sites prioritises environmental protection through meticulous site selection, utilisation of renewable energy sources, and responsible waste disposal practices.”
The anticipated 200 new sites, strategically placed across the mainland and Zanzibar islands, will significantly increase coverage, particularly in rural regions, linking previously isolated populations, which will help to improve the lives of up to 600,000 people.
ToA also has operations in Madagascar, Uganda, and the Democratic Republic of Congo (DRC).
ToA Tanzania, which was founded in February 2023, focuses on owning and operating passive telecommunications infrastructure for lease to mobile network operators.
“Expanding digital infrastructure is critical for fostering sustainable economic development in Tanzania. By focusing on rural areas, Toa Tanzania is not only promoting inclusivity but also ensuring that the benefits of technological advancements reach the most underserved communities,” said Richard Palmer, Director and Head of Private Debt at BII.
“We are delighted to work with ToA Tanzania on a shared vision for catalysing the telecom sector for a digitally empowered society. ToA Tanzania aims to double its site portfolio size by the end of its first year of operations as part of its aggressive growth plan.”
The new sites are expected to extend network coverage to underserved communities and support government digitisation efforts, foster financial inclusion, and generate employment opportunities throughout their lifecycle, from design and construction to maintenance.
“We are delighted to witness the signing of this important BII investment, which will help to expand telecom connectivity and support isolated populations in Tanzania. BII is a key part of the UK’s effort to boost investment into Tanzania, with this investment supporting the recently signed UK-Tanzania Mutual Prosperity Partnership,” said David Concar, British High Commissioner to Tanzania.
Source link : https://www.theeastafrican.co.ke/tea/business/towerco-gets-30m-from-uk-agency-for-telco-towers-in-tanzania-4629872?view=htmlamp
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Publish date : 2024-05-21 07:00:00
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