AfDB approves $50m loan for ICT project
8 October 2010
The African Development Bank (AfDB) has approved a loan worth $50 million (£31.53 million) which will improve information communication technology (ICT) infrastructure across Africa.
Known as The Other 3 Billion project, the scheme will allow broadband internet access to become available to three billion people, many of which live in Africa's emerging countries.
The funds will be used to finance the creation and launch of "a scalable equatorial constellation of Middle Earth Orbit satellites", the bank explained, with money also being used for the necessary ground infrastructure involved.
It is possible the initiative has been launched in a bid to meet the Millennium Development Goals, which the AfDB says recognise ICT as a key player in achieving the targets.
The United Nations explains the goals were adopted by world leaders in the year 2000 and participating countries have until 2015 to complete the objectives, which were implemented to tackle extreme poverty.