IFC proposes debt facility for telecoms tower company

The IFC has disclosed a proposed senior loan of up to $30 million for Eastcastle Infrastructure Limited.

Eastcastle was established in 2020 and is focused on the construction and operation of shared telecom towers and related infrastructure in various countries across sub-Saharan Africa, including Nigeria and the Democratic Republic of Congo (DRC).

In June 2021, IFC supported the formation of Eastcastle with a $24 million equity investment. The company has also received investment from Adenia Partners and African Infrastructure Investment Managers.

The debt funding will be utilised for the acquisition and construction of a portfolio of built-to-suit towers and transmission towers in the DRC, which will be leased to mobile network operators in the country.