NEW YORK, Sept. 24 /PRNewswire/ -- Millennium Equity I, LP (Millennium) today announced its commitment to bring an unprecedented level of Broadband technology investment to 177 underserved, and unserved communities around the world as an engine for sustainable economic growth. Through their 2009 Commitment to Action, "Building Community Through Commerce," Millennium, in collaboration with strategic investment partners like Gulf Istithmaar Corporation, will invest $371 million over five years to provide Broadband access to an estimated 5.3 million people. This investment in Broadband technology will improve healthcare, education, and public safety in target communities and create sustainable jobs, and spur economic growth by increasing revenue generation within the communities. Former United States Ambassador to the United Nations Andrew Young is a Senior Partner and Advisor at Millennium.
Millennium announced its commitment today at the Clinton Global Initiative's fifth annual meeting in New York where Millennium General Partner, Gerald Ramdeen, participated in discussions with heads of state, corporate leaders and government officials about the importance of Broadband technology to the Clinton Global Initiative's focus area of Strengthening Infrastructure.
"Our commitment and vision is simple," said Ramdeen. "Make people's lives better through the deployment of Broadband technology as a key enabling infrastructure. Our 'Building Community Through Commerce' initiative will accomplish this and drive sustainable economic growth in the communities that need it most. Importantly, successful implementation of our model is scalable throughout the globe."
Specifically, "Building Community Through Commerce" will empower local communities to become their own service providers. Millennium's portfolio companies will deliver the lowest cost-per-subscriber Broadband infrastructure available to target communities. The program will collaborate with local government, businesses, NGO's and other community resources to recruit, hire and train skilled workers from the community.
These strategic partnerships with local resources will allow net revenues to be re-invested into the community to improve public services, healthcare, and education and build long term sustainability within individual communities. Tangible results will include better access to public services, better healthcare, and better educational opportunities.
The initiative will also benefit from the implementation of green technology solutions by using proprietary technology that lowers power consumption and requires significantly less space than current Broadband technology solutions.
About Millennium Equity
Gerald Ramdeen, in partnership with Empire Capital, a $650M technology-focused hedge fund, created Millennium Equity I, L.P. - a new global private equity fund established for leveraged buy-out and merger and acquisition transactions of undervalued telecom infrastructure and advanced semiconductor companies and assets.
About Gulf Istithmaar Corporation
Gulf Istithmaar Corporation (GIC) is a global private equity firm with investments in global equity securities, currencies, corporate and government bonds and other fixed income instruments, swaps and equities both domestically and abroad.
SOURCE Millennium Equity I, LP