EU Invests UGX 156b in Tower Infrastructure Company

In Summary
  • Towerco Africa Uganda set to construct more 80 sites in the next 3 years.
EIB delegation site visit at Towerco of Africa in Busawula on Tuesday 5th Mrach 2024
Image: Wasswa Deo

The European Union (EU) and the European Union Investment Bank (EIB Global) have invested close to $40m (approx. sh156b) in tower infrastructure company, Towerco of Africa Uganda Limited (TOA) to boost their extension services in climate sustainability and digital services in Uganda.

Speaking at the EIB delegation site visit at Towerco of Africa in Busawula on Tuesday 5th March, Andrea Clerici the Director Corporate Finance and Global Activities Department said that the EU partners raised $40m and EIB Global contributed $6m to invest in TOA to steadily expand its pan-African operations through build-to-suit passive infrastructure using solar and digital.

“The project is a good example on how EU wants to support its partners, by doing this they expand digital inclusion. The project embeds sustainability by using solar energy, it ticks many boxes especially digitally,” he said.

Earlier at the ongoing Uganda’s 3rd European Union and Uganda Business Summit (UEUBF) at the Commonwealth Speke Resort, Munyonyo, Clerici said the EIB Global is in partnership with various financial institutions like Centenary Bank has provided support to private sector businesses, targeting agriculture and gender-equality focused projects.

“We are developing ideas doing mentoring to entrepreneurs and working with Small and medium Enterprises (SMEs) on facilities that can be facilitate collaborative trade,” he added.

Ronald Onjia the CEO of Towerco of Africa Uganda Limited said that the infrastructure company is riding on green energy for inclusion for all, he said the company has constructed 500 tower sits and the new investment will help to construct more sites.

“We hope to construct more 80 sites in the next 3 years, the investment we got from EIB, the funds will enable us to reach out to the underserved. We will be focusing majorly in areas with a sustainable solution and reliable,” he said.

EIB Global has so far invested over EUR 498 million (sh2 trillion) in Uganda to support private sector development, energy, water, sewerage, transport, industry, telecom, services, and agriculture, fisheries and forestry.