Economy

Leading impact investor partners with telecoms to provide WIFI in developing countries

Published

11 years ago

August 30, 2013

Blue & Green Tomorrow

A leading impact investment firm Gate Global Impact (GGI) has paired up with the African satellite telecommunications firm Indigo Group to provide fast internet access to developing countries.

The launch of the partnership aims to raise funds for the joint venture, Gate Impact Partners (GIP), which will provide fast internet access at a low-cost to developing countries, starting with Kenya.

The partnership hopes to use fast internet services to increase connectivity to the tourism sector in rural Africa by driving impact investment and supporting community based visitor related projects and initiatives.

Speaking about the launch, Vincent Molinari, GGI chief executive said, “Impact investing has emerged in recent years as a way to promote and fund both social and environmental projects with the possibility to generate financial returns while effecting positive change.”

“ImpactWIFI utilizes unused TV band spectrum to provide low-cost internet access rural areas. This initiative will help close the digital divide in the developing world — starting in Africa,”

The announcement comes as Facebook founder, Mark Zuckerberg, last week outlined his plans to connect with numerous other companies to get the next five billion people on the planet using the internet.

Commenting on Zuckerberg’s plans, Abdurazak Mohamed of the African Development Trust (ADT) said, “There is a need for internet in Africa; African cities can benefit from having access to the internet.

“There needs to be a sense of priority, however. What would be the point in giving someone access to the internet if they don’t even have a roof over their head?”