CONFIRMATION of financial backing for Seacom's 15000km undersea cable linking Africa to India and Europe comes in the nick of time, not only to ensure SA has enough bandwidth to host the 2010 Soccer World Cup, but to prevent the country from falling too far behind the developed world technologically.
With local investment company Venfin now on board with a 25% stake worth $75m, black-owned groups Shanduka and Investment Partners securing 12,5% each, and Neotel, SA's second network operator, providing the vital telecoms licence that allows the cable to dock here, there is nothing preventing the project from going ahead. Indeed, more than $10m has already been spent on a marine survey and engineering of the cable, and actual production of the fibreoptic components and undersea facilities starts next week.
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