Last week the Commonwealth Telecommunications Organisation (CTO) introduced the Commonwealth Telecom Development Fund which intends to spend some £200 million over the next few years to invest in profitable ICT projects in emerging markets.
According to CTO, this initiative will be mainly for the development of broadband infrastructure and services as well as the development of local content through national ICT incubator programmes in the Commonwealth nations, especially the developing countries.
This is in line with its continuous and extensive international communications development funding, co-operation and assistance programmes. It says its mission is to reduce global poverty through the more efficient utilisation of ICTs, and its development agenda reflects the priorities set in the United Nations' Millennium Development Goals (MDGs).
“Commonwealth nations, especially the developing countries, could ensure faster growth for their economies if they take faster measures to ensure more rapid deployment of broadband and access to it by a larger percentage of their citizens,” the CTO says.
The CTO says it has been providing the international community with effective means to help bridge the digital divide and achieve social and economic development, by delivering to developing countries' unique knowledge-sharing programmes in the use of ICT.
The CTO also released its annual report for the financial year ending on 31 March. Management reported that in the last year it had succeeded amongst many things in attracting, BSNL of India, the largest telephone company there, to join the CTO's Programme for Development and Training.
The promoters of the fund, which include the CTO, Future Realities and Ashmore Fund Managers, will be organising shareholders' meeting in London at the BIS Centre in Victoria, from 6 to 7 December.
CTO has been examining how the development of broadband networks will contributing to both broader economic growth for nations, regional integration amongst nations, profitability for ICT operating companies, and overall global prosperity.
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