TowerCo of Africa Uganda, a company that builds towers for mobile phones, just got a big boost! They raised $40 million to make phone service better in rural parts of Uganda.
The money comes from European banks. The European Investment Bank, along with ACP Trust Fund, will give $16 million.
The Development Bank of Austria and the Belgian Investment Company for Developing Countries will each provide $12 million.
With this money, TowerCo can put up 506 new towers in places where there’s no phone service or where it’s too crowded. Right now, only 65% of Uganda has good phone coverage, but they want to get to 95%.
These new towers will use clean energy, making them more eco-friendly and reducing the chances of theft. They’ll also bring faster internet, like 4G and 5G, to rural areas. Plus, they’ll make it easier for people to use mobile money.
Many phone companies will share these towers, so they can expand into rural areas faster. Building them will create around 2,000 jobs over the next two years.
Geoffrey Donnels Oketayot, the CEO of TowerCo of Africa Uganda, says this money shows that people care about connecting communities in Africa and helping them grow.
Thomas Östros, a leader at the European Investment Bank, promises to keep helping Africa get better internet. He says supporting TowerCo of Africa Uganda is part of that plan.
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