USAID and Connectivity Capital Sign Partnership Agreement to Help Internet Service Providers in the Philippines
USAID, through its Better Access and Connectivity (BEACON) Activity, signed a partnership agreement with Connectivity Capital, the world’s first connectivity-specific impact investment fund, to support the expansion of internet service to underserved and geographically isolated and disadvantaged areas in the Philippines on October 17, 2022.
The partnership agreement was signed by John Garrity, Chief of Party of USAID’s BEACON and Jim Forster, General Partner of Connectivity Capital in the presence of officials of the Philippine Cable and Telecommunications Association (PCTA), Department of Information and Communications Technology (DICT) Negros Occidental Regional Office, and local government units (LGUs) during the Connectivity and Cybersecurity Conference on October 17, 2022 in Bacolod City.
Through this partnership, USAID’s BEACON and Connectivity Capital will jointly identify and engage private sector partners seeking to expand broadband internet connectivity services such as internet service providers, internet exchange points, data centers, and other digital infrastructure entities. Connectivity Capital will assess and extend financing to qualified private sector companies focused on broadband internet expansion through the provision of debt financing and capital assistance. Both parties will also assist borrowers in project management, training, and monitoring and evaluation. By making innovative financial solutions available, USAID and its partners are helping internet service providers gain access to capital and debt financing so that they may expand services especially in far-flung and underserved areas in the country.