Investment secured for Kenya IT infrastructure improvements
18 June 2012
Investment of $72 million (£45.99 million) has been approved by the Overseas Private Investment Corporation (OPIC) to help deliver high-speed internet across east Africa, reports Ventures Africa.
OPIC, the US government's development finance institution, will provide the direct loan to Wanachi Group Holdings, a Kenyan firm tasked with the infrastructure's development.
In addition to quicker internet speeds, Kenya will benefit from extended fiber optic cable services for television and voice over internet protocol telephone systems.
OPIC's president and chief executive officer Elizabeth Littlefield said that the development is very important and will benefit many.
"Delivering state-of-the art internet service and television programming with improved local content to urbanising East African markets at affordable prices is an important step forward for the region's growing middle class," she said.
"We are pleased by the opportunity to support a technological upgrade that provides so many developmental benefits across so many African markets."
Last week, Kenya and French governments announced that they had reached a loan agreement that will see electricity infrastructure improve in the east Africa state.