Liberia: World Bank backing for local ACE consortium CCL
The Cable Consortium of Liberia (CCL), which is a public-private partnership comprised of Lonestar, Libtelco and Cellcom, will form the management team for the submarine cable in Liberia.
Individual investments in the project include 8.3 million by Lonestar, constituting 33%, 5 million by Libtelco, constituting 20%, and 2.5 million by Cellcom, amounting to 10%. Through a grant from the World Bank, the Government of Liberia will finance the remaining 37% through the Ministry of Finance.
The Chairperson of the Liberia Telecommunications Authority (LTA) Angelique Weeks has been appointed as Vice Chairperson of the Africa Coast to Europe (ACE) Consortium Management Committee.
The appointment was endorsed on June 7, 2010 by the ACE Consortium at its first Management Committee meeting held following the signing of a 700 million United States dollars agreement for the construction and maintenance of a 17,000 KM long fiber optic submarine cable along the West coast of Africa extending from France to South Africa. The 17,000 km-long submarine fiber optic cable will provide broadband connectivity to 23 African countries, including Liberia during the first half of 2012.