Investment in SEACOM
Investment in SEACOM
SEACOM Closes Financing, Starts Full Construction of Undersea Fiber Optic Cable
Transcontinental Investment Boosts South and East African Economic and Social Development with High Capacity Link to India and Europe
African investors have taken a significant majority stake in SEACOM’s undersea broadband cable, joining hands with an international partner to link southern and east Africa with India and Europe in a massive technological boost to economic and social development on the continent.
The equity and debt facilities for the entire project costs have been unconditionally committed for the construction of the state-of-the-art cable from Mtunzini in South Africa to Mumbai in India and Marseille in France via Mozambique, Madagascar, Kenya, and Tanzania.
“This is a major milestone”, stated SEACOM President, Brian Herlihy “The construction of a new submarine fiber optic network will pave the way for a data revolution that intends to follow the explosive growth of the mobile industry in Africa. A shift from a primary voice market to a primary data market will be a catalyst to increasing worker productivity, creating better access to e-eduction and the growth of service industries such as call-centres, BPOs and research centres in Africa.
SEACOM has already invested more than $10 million in the marine survey and engineering of the cable. The advance start has enabled SEACOM to maintain its ready for service date of June 2009. Actual production of the high-tech cable and undersea repeaters start next week.”