46563
EASTCASTLE INFRASTRUCTURE DRC S.R.L.U.
Jan 19, 2023
Congo, Democratic Republic of
Africa
Oct 19, 2023
B - Limited
Active
Approved : Mar 31, 2023
Signed : Jun 23, 2023
Invested : Oct 17, 2023
Engineering Services
Telecommunications and Technology
Regional Industry - INF Africa
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 Democratic Republic of Congo (DRC) (https://ecinfras.com/).
In June 2021, IFC supported the formation of Eastcastle with a US$24 million equity investment (https://disclosures.ifc.org/enterprise-search-results-home/eastcastle). IFC are now proposing a further US$30 million debt facility from IFC’s own account and up to US$50 million through a B-Loan and Parallel Loans in Eastcastle Infrastructure DRC (“Eastcastle DRC” or “the Company”). The debt funding will be utilized for the acquisition and construction of a portfolio of Built-To-Suit (BTS) and transmission towers in DRC which will be leased to mobile network operators in the country. (“the Project”).
IFC’s review focused on appraising environmental, health and safety (EHS) and social-related information and risks associated with Eastcastle DRC’s operations, adoption, and implementation of the existing Eastcastle environmental and social (E&S) management system (ESMS), and local management capacity vis à vis the inherent risks for the sector and context of the operations. Documentation provided by Eastcastle included Environmental Impact Assessments (EIA) for greenfield sites, the E&S due diligence process for brownfield sites, employee handbook, site selection process, and monthly monitoring reports (MMR).
The appraisal included discussions with Eastcastle senior management on November 7, 2022, including the chief operating officer, group head of safety, health, environment, risk, and quality (SHERQ), and the operations manager.