New Investments

TowerCo of Africa Uganda Secures $40 Million Investment to Expand Rural Mobile Network Coverage

TowerCo of Africa Uganda, a telecommunications infrastructure company, has secured $40 million in long-term financing to improve mobile phone network coverage in rural areas across the East African nation.

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.

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