Page 103 - SAMENA Trends - May-June 2023

REGULATORY & POLICY UPDATES SAMENA TRENDS

REGULATORY NEWS

ITU makes $100B Funding Plea to Push Digital Inclusion

The International Telecommunication connectivity projects in the world’s least- Digital Coalition. The project has already
Union (ITU) set a target of raising $100 developed countries. In a statement, the secured $30 billion for its various projects
billion from the public and private sectors UN organization called for an increase and earmarked $12 billion of this to
by 2026, cash set to be focused on in pledges made to the Partner2Connect specific areas. The ITU estimates 2.7 billion
people across the globe were offline in
2022, with almost a third of these located
in the 46 countries it defines as “least
developed”. It noted across these nations
the internet was considered affordable in
just two of them. Reasons cited for this
large offline population comprise issues
with access, digital skills and affordability.
ITU secretary-general Doreen Bogdan-
Martin said technology “is at the top of
the global agenda, but the benefits of
digital technology are still out of reach
for too many people”. “If we are serious
about digitalizing the world in a way that is
meaningful and sustainable, we must take
action to accelerate digital transformation
for everyone.” “As the internet becomes
ever more central to value creation and
innovation, least developed countries
risk falling further behind,” UN secretary-
general Antonio Guterres added. “We must
dramatically improve accessibility and
inclusivity and eliminate the digital divide.”

FCC Approves Windstream Request for Majority Foreign Interest

The Federal Communications Commission June 2020, and Windstream successfully control the voting in Windstream on behalf
(FCC) has granted permission for completed its financial restructuring of a series of US and foreign funds that
Windstream Holdings II (Windstream) to process as a privately held company in would collectively hold a 21.17% direct
accept a foreign ownership stake that September 2020. As per the FCC filing, when equity interest in Windstream upon closing.
exceeds the 25% cap typically applied Step Two of the reorganization is complete, A number of other overseas companies will
to telecoms operators. The request Windstream will have an aggregate indirect also hold minor stakes in the US telco. On
relates to Windstream’s 2020 emergence foreign equity interest of 66.29%, of which 2 June the FCC concluded: ‘Upon review of
from Chapter 11 bankruptcy protection. Nexus Aggregator will hold 49.27%. Elliott the Petition, as amended, and consideration
Previously, in February 2019 Windstream International, a Cayman Islands entity, will of the record of this proceeding, we find
filed voluntary petitions for reorganization hold a 69.57% equity interest in Nexus that the public interest would not be served
under Chapter 11 of the US Bankruptcy Aggregator. Meanwhile, Pacific Investment by prohibiting the foreign ownership of
Code. The US Bankruptcy Court for the Management Company (PIMCO), which Windstream, the controlling US parent, in
Southern District of New York went on to is ultimately owned and controlled by excess of the 25% benchmarks in section
confirm the telco’s reorganization plan in Germany’s Allianz SE, would exclusively 310(b)(4) of the Act.’

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