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The investment comes from a consortium of European development finance partners.
The European Investment Bank, alongside the ACP Trust Fund, will contribute $16 million, while the Development Bank of Austria (OeEB) and the Belgian Investment Company for Developing Countries (BIO) will each provide $12 million.
This 10-year funding will enable TowerCo to install 506 new telecom towers in underserved areas currently lacking network coverage or experiencing congestion due to overloaded infrastructure.
With only 65% of Uganda boasting mobile network coverage, this investment comes at a crucial time.
The project aims to bridge the digital divide and propel the country closer to its goal of achieving 95% coverage nationwide.
The press release, published on TowerCo’s website on March 6, 2024, highlights the towers’ focus on sustainability.
Primarily powered by renewable energy, they will reduce reliance on fuels and generators, minimizing theft and promoting environmental responsibility.
The European-backed network expansion is expected to empower rural Ugandan communities.
Access to 4G and 5G data services will open doors to improved internet connectivity, while the infrastructure will also facilitate the adoption of mobile money solutions.
Several mobile network operators will share the 506 towers, fostering efficient network expansion into rural regions.
Geoffrey Donnels Oketayot, CEO of TowerCo of Africa Uganda, expressed his appreciation for the investment, highlighting the shared vision of connecting communities and stimulating economic growth across Africa.
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
Tappi, a rising Pan-African digital marketing startup, is poised to reshape how small and medium-sized enterprises (SMEs) establish themselves online, fueled by a recent investment from Renew Capital Angels.
Ghanaian energy technology startup Kofa has raised $8.1 million in a pre-Series A funding round aimed at scaling its battery-swapping network across cities in Africa.
The startup secured the seed extension funding from NEXT176, a subsidiary of Old Mutual, and Tofino Capital, a US-based market investor.