The rapid advancements in technology, surging data consumption, and the deployment of 4G and 5G networks in Africa intensify the need for telecom infrastructures. In response, the government and international partners are working diligently to address these needs within the digital transformation landscape.

The International Finance Corporation (IFC) loaned $60 million to telecom tower manager Eastcastle Infrastructure. This was made public in a press release issued on Monday, June 26. The funds will be used to enhance digital connectivity in the Democratic Republic of Congo (DRC), one of the least connected countries in Sub-Saharan Africa. 

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Expressing his satisfaction with the IFC's investment, Peter Lewis, Co-founder and Director of Eastcastle Infrastructure Ltd., said: "We are delighted that following their equity investment in Eastcastle, the IFC has made $60 million in long-term financing available to our operations in the DRC. Together with the $34 million from Standard Bank of South Africa, this will enable us to surpass 1,000 towers in the DRC."

According to the release, the funding includes $30 million from IFC and an additional $30 million mobilized from the Emerging Africa Infrastructure Fund (EAIF). This is in line with Eastcastle's strategy to construct a maximum number of shared towers in the DRC. The main goal is to promote the digital economy in the region. 

Back in 2021, the IFC had provided financing to support Eastcastle’s growth plans in Sub-Saharan Africa. Now with the new financing, the company will be able to lease its new towers to mobile network operators and other digital service providers in the DRC, thus helping expand their coverage, reduce operating costs, and minimize energy consumption through infrastructure sharing.

It is worth noting that the DRC has 48.4 million mobile phone subscribers. According to the latest data from the Regulatory Authority for Post and Telecommunications of Congo (ARPTC), the rate of penetration is 50.9%. However, the number of mobile internet users stands at 22.6 million, with a penetration rate of 23.8%. The expansion of Eastcastle's telecom towers network will improve the quality and coverage of telecom services in the country.

Samira Njoya