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Article: Nigeria: Investors Mount Ambitious Plan for African Satellite.
- Article from:
- TendersInfo
- Article date:
- December 12, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: sanjayc03
African investors have hatched an ambitious plan to launch a dedicated satellite to beam more bandwidth to the continent.
Africans will supply 90 per cent of the funding, with global satellite company Intelsat providing the experience and credibility to get the project done. The main local backer is Convergence Partners, a hi-tech investment fund chaired by Andile Ngcaba, a former director-general of the communications department.
The Oppenheimer family is also investing, while Nedbank Capital and the Industrial Development Corporation have pledged debt financing.Although the new dawn satellite will only switch on in 2011, ...