TOA Tanzania secures $30m from BII
TOA will build around 200 additional telecommunications sites throughout Tanzania.
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TowerCo of Africa Tanzania (TOA Tanzania), a provider of passive telecom infrastructure, has announced the signing of a $30 million financing agreement with British International Investment (BII), the UK’s development finance institution and impact investor.
This investment will enable TOA Tanzania to carry out an ambitious plan to build around 200 additional telecommunications sites throughout Tanzania, bolstering its mission to bridge the digital gap in the country.
Founded in February 2023, TOA Tanzania focuses on owning and operating passive telecommunications infrastructure for lease to mobile network operators. The anticipated 200 new sites, strategically placed across the mainland and Zanzibar, will significantly increase coverage, particularly in rural regions, linking previously isolated populations.
Innocent Mushi, CEO of TOA Tanzania, expressed enthusiasm about the partnership, stating, "This financing agreement with BII reinforces our commitment to expanding connectivity and bridging the digital divide in Tanzania. With BII's invaluable support, we are well-equipped to accelerate our growth trajectory and deliver essential telecom services to underserved communities."
Commenting on the partnership, Richard Palmer, director and head of private debt at BII stated: "Expanding digital infrastructure is critical for fostering sustainable economic development in Tanzania. By focusing on rural areas, TOA Tanzania is not only promoting inclusivity but also ensuring that the benefits of technological advancements reach the most underserved communities. We are delighted to work with TOA Tanzania on a shared vision for catalysing the telecom sector for a digitally empowered society.”
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