World Bank, Intel pump dosh into developing world's IT
Kickstart for broadband and data centres
Intel is teaming up with the World Bank to work on joint IT investments in developing countries.
The World Bank's private-sector lender – the International Finance Corporation – and Intel Capital – Intel's global investment organisation – will be handing out cash together "to accelerate innovation and nurture entrepreneurship in developing countries", the IFC said in a canned statement.
Most of the investments will be into broadband infrastructure, datacentres and IT services, the IFC said, and will concentrate on firms in Africa and other places where the tech sector is underdeveloped.
The IFC has already invested over $3bn in 115 telco and IT projects in developing countries since 2003.
"These investments give local populations access to the latest technologies, best practices and wider markets, and increase the efficiency of operations," the lender said.
It's not the first time the IFC has worked with Intel Capital. The two already have investments in tech companies including De Novo, a datacentre company in Ukraine, Yandex.ru, which accounts for over 60 per cent of Russia's web searches and SONDA, one of Chile's largest technology integrators.
Recently, they also gave $12m in equity financing to Altobridge, a firm that uses solar power and satellite-connected mobile base stations to provide telecoms services to remote communities. Altobridge counts regions like Iraq, Indonesia, the Solomon Islands and Tonga among its customers. ®