UK-based WorldTel, created by the International Telecommunications Union agency of the United Nations aims to create a $1bn fund to help low income countries catch up with telecommunications advances in the developed world. Funding has to come entirely from the private sector, but WorldTel is planning to lay up to 40m new telephone lines in developing countries over the next decade, and is studying possible projects in China, India, Mexico, Brazil, Vietnam and East Africa. The entire continent of Africa is estimated to have fewer phone lines than those laid in the city of Tokyo alone. Outside investors will be offered equity stakes in the fund, and WorldTel has so far obtained agreements in principle from GE Capital Corp and American International Group Inc.
