[kictanet] Fwd: [Fibre-for-africa] Fwd: EASSy reaches financial close

[Eric Osiakwan]

fyi - sorry for corss posting.


Begin forwarded message:

> From: Wairagala Wakabi <w_wakabi at yahoo.com>
> Date: 28 November 2007 17:35:28 GMT+03:00
> To: Fibre-for-africa at lists.apc.org
> Subject: [Fibre-for-africa] Fwd: EASSy reaches financial close
> Reply-To: APC - Private list for use by EASSY Workshop Participants  
> <fibre-for-africa at lists.apc.org>
>
>
> Press <press at afdb.org> wrote:
> East African Submarine Cable System reaches financial close
> The African Development Bank Signs Loans for the EASSy Cable Project
>
> Tunis, 23 November 2007 – The African Development Bank (AfDB),  
> along with other participating development financial institutions  
> (DFIs) have signed loan agreements for the East African Submarine  
> Cable System (EASSy), the landmark fibre-optic cable project that  
> will connect 22 coastal and land-locked African countries to each  
> other and the rest of the world with high-quality Internet and  
> international communications services.
>
> EASSy is an initiative sponsored by 25 telecommunications  
> operators, most of which are African. The project will construct  
> and operate a submarine fibre-optic cable along the east coast of  
> Africa that will run for 10,000 kilometers from the continent’s  
> southern tip to the African horn, connecting South Africa,  
> Mozambique, Madagascar, Tanzania, Kenya, Somalia, Djibouti, and  
> Sudan. Another 13 adjoining countries will also be linked to the  
> system as terrestrial backbone networks including Botswana,  
> Burundi, the Central African Republic, the Democratic Republic of  
> Congo, Chad, Ethiopia, Lesotho, Malawi, Rwanda, Swaziland, Uganda,  
> Zambia, and Zimbabwe.   The EASSy project will also provide the  
> last link to completely encircle Africa with high-capacity fiber- 
> optic telecommunications networks.
>
> The AfDB’s financing will be channeled through the EASSy Special  
> Purpose Vehicle (SPV) that is also known as the West Indian Ocean  
> Cable Company, or WIOCC, and consists of a $14.5 million senior  
> loan. The cable will transform the telecommunications landscape in  
> the region as it improves access for 250 million Africans and  
> substantially reduces costs for consumers and businesses.  
> Construction will begin in December 2007 and the EASSy cable is  
> expected to be fully operational in time for the 2010 FIFA Football  
> World Cup to be hosted by South Africa.
>
> The AfDB, the French development Agency (AFD), the European  
> Investment Bank (EIB), Germany’s Development Bank (KfW) and the  
> International Finance Corporation (IFC) of the World Bank group  
> will provide the project’s entire long-term loan financing of $70.7  
> million, with $14.5 million to come from the AfDB. The total  
> project cost is $235 million and the balance will be provided by  
> the 25 private telecommunications operators wgho will operate the  
> cable as a consortium. These Telecom operators, including 21  
> African operators, will be the main users of capacity on the cable.
>
> Contrary to previous cables in the African continent that were  
> built on the “closed-club” structure, EASSy is built on a Hybrid  
> SPV Development model. This model will allow smaller operators to  
> participate in the cable consortium at reduced individual entry  
> investments. EASSy also adheres to the main development objectives  
> of “Open Access", Non-discriminatory and Affordable pricing. The  
> cable will act as a crucial medium of internet connectivity to  
> carry telecom traffic for all African operators from the Eastern  
> and Southern African markets to onward connecting Cable networks in  
> Europe, Asia and the Americas.
>
> After years of collaboration between the African Development Bank,  
> World Bank Group and other global and regional development  
> institutions, governments, and the region’s private sector, the  
> project brings together the public and private sectors to expand  
> Telecommunications Infrastructure. EASSy provides a model for  
> future generations of Public-Private Partnerships (PPP) that will  
> be necessary to create the enabling environment for private sector  
> participation in Africa.
>
>  The EASSy project will also foster regional integration in line  
> with NEPAD and the AfDB’s strategic objectives. The EASSy project  
> will contribute to the socio-economic development of the region  
> through the expansion of inter-Africa trade, facilitated by lower  
> costs and better communication. The expected increase in employment  
> and income for the regions will help to reduce poverty and lead to  
> sustainable development. Additionally, the EASSy project will help  
> in breaking the barriers of social and geographical isolation and  
> assist the population in its quest to access information and  
> continued education.
> CONTACTS: E-mail: e.chinje at afdb.org
> 4Private Sector Department– Tel.: +216 71 10 28 43 – Fax: +216 71  
> 83 41 78 – E-mail: private-sector at afdb.org 3
> 4 Internal and External Communications Division– Tel.: +216 71 10  
> 29 16 – Fax: +216 71 10 37 52 – E-mail: comuadb at afdb.org 3
> Press releases are also posted on ADB Website at: www.afdb.org
>
>
>
>
>
>
> Never miss a thing. Make Yahoo your homepage.
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Eric M.K Osiakwan
Executive Secretary
AfrISPA (www.afrispa.org)
Tel: + 233.21.258800 ext 2031
Fax: + 233.21.258811
Cell: + 233.244.386792
Handle: eosiakwan
Snail Mail: Pmb 208, Accra-North
Office: BusyInternet - 42 Ring Road Central, Accra-North
Blog: http://blogs.law.harvard.edu/eric/
Slang: "Tomorrow Now"




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