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TowerCo of Africa Uganda Secures $40M to Boost Rural Connectivity

Here’s my attempt at improving the flow, transitions, and connecting the ideas/context: TowerCo of Africa Uganda, a prominent tower infrastructure company, is set to bridge the digital divide in the East African country with a significant $40 million investment in long-term financing from European development finance partners. This strategic move aims to enhance mobile phone More The post TowerCo of Africa Uganda Secures $40M to Boost Rural Connectivity appeared first on Tech In Africa.
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Here’s my attempt at improving the flow, transitions, and connecting the ideas/context:

TowerCo of Africa Uganda, a prominent tower infrastructure company, is set to bridge the digital divide in the East African country with a significant $40 million investment in long-term financing from European development finance partners. This strategic move aims to enhance mobile phone network coverage in underserved rural areas across Uganda, where connectivity challenges have persisted.

The much-needed funding comes at a crucial time, as Uganda strives to achieve its ambitious goal of 95% mobile network coverage, up from the current 65%. The European Investment Bank, recognizing the importance of this initiative, has partnered with the ACP Trust Fund to contribute $16 million. Additionally, the Development Bank of Austria (OeEB) and the Belgian Investment Company for Developing Countries (BIO) will each contribute $12 million, underscoring the shared vision of bridging the digital gap in the region.

This 10-year financing will enable TowerCo of Africa Uganda to install 506 new telecom towers in rural areas that currently lack mobile network coverage or experience network congestion due to existing infrastructure operating at full capacity. Notably, the majority of these new towers will run on sustainable energy sources, reducing the likelihood of fuel and generator theft while promoting a greener Uganda.

The European-backed network investment is poised to provide rural Ugandan communities with access to 4G and 5G data services, fostering financial inclusion through the adoption of mobile money solutions. This digital empowerment is expected to unlock numerous opportunities for economic growth and development in these underserved areas, which have long been held back by limited connectivity.

In a collaborative effort, several mobile network operators in the country will share all 506 towers, accelerating their expansion into rural areas. The installation of these new towers, set to take place over the next two years, will create an estimated 2,000 skilled and unskilled job opportunities for local communities during the construction phase, further contributing to the local economy.

Geoffrey Donnels Oketayot, CEO of TowerCo of Africa Uganda, expressed his gratitude for the new investment from European backers, stating that it signifies a shared vision for connecting communities and fostering economic growth in Africa. Thomas Östros, Vice President of the European Investment Bank, reaffirmed the firm’s commitment to bridging the digital gap on the continent and supporting TowerCo of Africa Uganda’s mission to transform rural connectivity across the country.

With this significant investment and collaborative effort, TowerCo of Africa Uganda is poised to play a pivotal role in improving digital infrastructure and connectivity in rural areas, unlocking new opportunities for growth and development in these underserved communities, and propelling Uganda towards its ambitious connectivity goals.

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The post TowerCo of Africa Uganda Secures $40M to Boost Rural Connectivity appeared first on Tech In Africa.

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