US$1.5 billion fund launched to help build Africa’s smart city ecosystem

Multinational ICT firm Huawei has confirmed the introduction of a US$1.5 billion global financing program, with capital from IOT/ smart solutions focused funding company Smart City Solutions, to fuel the development of smart city infrastructure – with specific attention to increasing activity in Africa.

Lauren Fan, president of the public sector at Huawei, announced the safe city funding programme in Shenzhen, China and said it was established to help governments and smart city builders construct IOT, Command & Control for critical communications and Intelligent Video Surveillance.

Huawei executives believe safe city programmes are now a top priority for city authorities, including those based across Africa, but budget constraints remains a challenge and impacts on efforts to intensify safe city initiatives.

With the fund in place, it is envisaged that the conventional siloed approach to projects, where finance analyses budget and it takes time and further resources to move from one phase to another, all stakeholders determine the entire spectrum of the project simultaneously and link deliverables with finance options immediately.

Source: IT Web Africa

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