Millennium Equity I has made a commitment to bring broadband technology investment to 177 underserved and unserved communities around the world as an engine for sustainable economic growth.
Through their 2009 commitment to action, "Building Community Through Commerce”, Millennium, in collaboration with strategic investment partners such as Gulf Istithmaar, will invest USD371m over five years to provide broadband access to an estimated 5.3 million people.
This investment in broadband technology aims to improve healthcare, education, and public safety in target communities, create sustainable jobs and spur economic growth by increasing revenue generation within the communities.
Millennium announced its commitment at the Clinton Global Initiative’s fifth annual meeting in New York where Millennium general partner, Gerald Ramdeen, participated in discussions with heads of state, corporate leaders and government officials about the importance of broadband technology to the Clinton Global Initiative’s focus area of strengthening infrastructure.
"Our commitment and vision is simple," says Ramdeen. "Make people’s lives better through the deployment of Broadband technology as a key enabling infrastructure. Our ‘Building Community Through Commerce’ initiative will accomplish this and drive sustainable economic growth in the communities that need it most. Importantly, successful implementation of our model is scalable throughout the globe."
Specifically, the initiative will empower local communities to become their own service providers. Millennium’s portfolio companies will deliver the lowest cost-per-subscriber broadband infrastructure available to target communities. The programme will collaborate with local government, businesses, NGOs and other community resources to recruit, hire and train skilled workers from the community.
These partnerships with local resources will allow net revenues to be re-invested into the community to improve public services, healthcare, and education and build long term sustainability within individual communities. Tangible results will include better access to public services, better healthcare, and better educational opportunities.
The initiative will also benefit from the implementation of green technology solutions by using technology that lowers power consumption and requires significantly less space than current broadband technology solutions.