Investors...
The Development Financial Institutions (DFI) joined EASSy Project to promote African ownership of the cable & regional collaboration. Under this arrangement the Cable is owned by EASSy Parties, which includes Operators/Consortium Members and the West Indian Ocean Cable Company (WIOCC) – a company registered in Mauritius under the laws of Mauritius and whose shareholders are the following eleven (11) operators : -
Botswana Telecommunications Corporation, U - COM Burundi, Onatel Burundi, Djibouti Telecom, Telkom Kenya Limited, TDM – Mozambique, Dalkom Somalia, Zanzibar Telecom Limited, Uganda Telecom Limited, Lesotho Telecommunications Authority, Gilat Satcom Nigeria Limited. |
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WIOCC is therefore owned by the listed operators and the following Financial Institutions including , the African Development Bank (AfDB), the development bank of France (AFD), the European Investment Bank (EIB), Germany's development bank (KfW) and International Finance Corporation (IFC).
PURPOSE OF WIOCC
..The purpose of WIOCC is to :
(i) leverage debt financing; and
(ii) reduce equity requirements of EASSy Parties. |
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Objectives of WIOCC
- Achieve economic sustainability and become profitable (subject to cost-based pricing) through the optimal management of capacity;
- Achieve financial sustainability through the generatio of revenues allowing for:
(a) payment of operating costs;
(b) repayment of debt; and
(c) remuneration of equity holders;
- Achieve the above objectives while minimizing capacity prices for end users. |
WIOCC Basic Structure
- WIOCC is a C&MA Party (Signatory), with same rights and obligations as other EASSy Parties;
- WIOCC is owned by:
(a) those EASSy Parties that elect to be part to it.
(b) Financial Investors in the WIOCC, including DFIs;
- WIOCC will purchase and own capacity on the EASSy cable;
- WIOCC will be authorized to sell capacity to any entity subject to local laws and regulatory restictions
- WIOCC will sell capacity according to a cost-based pricing policy, which will be enshrined in it's bylaws. |
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EASSy cooperation with Nepad
The following have been the key milestones:
.. NEPAD invited to the first EASSy meetings in an observer status Pretoria (August 2003)
.. During Gaborone meeting (January 2004) NEPAD appointed to Chair the Backhaul Working Group-but not an MOU party.
.. NEPAD has never been an EASSy MOU member and indeed cannot due to the conditions of membership - Possession of a valid International Gateway License as a prerequisite.
.. Jan 03- Jun 03 : Partly through the advocacy of NEPAD the Development Financial Instructions (DFIs) agreed to fund EASSy Detailed Feasibility Study (DFI)
... NEPAD has been permitted to participate in most of the deliberation
of EASSy MOU parties and has been on the mailing list. Privy to all EASSy correspondences and e-mail discussions.
... Above history and records are at variance with NEPAD's statements during the stakeholders' meeting on 1st Feb 2006 regarding the ownership status of EASSy. |
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