INVESTMENT

AFDB invest US$25 million in New Dawn satellite

A Pan-African satellite project managed by Intelsat - received a US$25 millions loan from AFDB, the African Development Bank. Another US$250 million has been invested to start operations in 2011 New Dawn will support improved communication including wireless in remote areas, fast internet, satellite TV and broadcasting.

The project sponsors are Intelsat, a world leader in fixed satellite operations, and South African investors, including Convergence Partners. The project was able to successfully raise the necessary funds, US$ 250 million, despite difficult market conditions thanks to close collaboration between Nedbank, the Industrial Development Corporation and the AfDB.

The project responds to strong demand for satellite supply capacity, driven by efforts by mobile operators to expand their networks to underserved areas, support businesses and remote communities, and boost socioeconomic development.

The project is in line with the AfDB’s Information and Communication Technology Strategy (ICT) which sets out regional and national infrastructure as its first priority. This includes international connectivity to the rest of the world, regional backhaul links that interconnect countries, national backbones that extend access beyond major cities, and last-mile connectivity to rural and underserved communities. Regional infrastructure is also the focus of NEPAD’s Medium-to-Long-term Strategic Framework, where the AfDB has been designated a lead agency.

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