Cartesian Capital Group is a global PE firm managing more than $2bn. The firm, which was founded and is managed by former senior management team members of AIG Capital Partners, focuses primarily on emerging markets. IFC has co-invested with Cartesian on prior investments, including Grupo SER and Banco Daycoval in Brazil.

Amzak Capital Management is a private investment firm owned by the Kazma family with more than 50 years of experience in the telecommunications industry in Canadian, US and Latin American markets.

Key management team will be comprised by: Tatum Martin (CEO) and Mariano Gomez (EVP). Combined they count with over 20 years of experience in the Telecom market in LAC.

Total project cost is estimated at US$125 million equivalent of equity capital. The proposed IFC investment is approximate US$18.75 million straight equity for a minority stake (~15%) in BTST in order to capitalize operating subsidiaries to construct and operate cell sites.

12.50 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	12.50

* These investment figures are indicative

BTS Torres is headquartered in Miami, FL. Its operations are intended across Latin American countries.

(i) Upside wireless penetration levels in the region: With the construction of additional tower sites, existing mobile operators will be able to expand the reach of their services both in terms of geography and capacity. In addition, collocation reduces the incremental cost of expanding service for all carriers thereby allowing them to service remote and economically less developed areas where ARPU and usage will be lower.
(ii) Foster competition: The expansion project of BTST will allow smaller and newer wireless operators to benefit from reduced barriers to entry as they will have access to leased tower facilities and/or to build their own towers with an expertise partner such as BTST.
(iii) Expand access to other ICT technologies: BTST''s tower network is capable of supporting not only mobile cellular networks, but also wireless broadband and backhaul networks, thereby improving the penetration of these technologies.
(iv) Mitigate environmental impact and Climate Change: The project on hand will provide a cost effective opportunity to telecommunication operators to reduce their carbon emission footprint by sharing infrastructure. A significant benefit of sharing tower infrastructure arises from the material, energy and emissions savings that ensue from building only one tower instead of three or four.
(v) Job Creation: the project will assists in the creation of both direct and indirect employment opportunities.

IFC''s valued added will be reflected in the following:
(a) Knowledge sharing: BTST may leverage IFC''s knowledge experience and relationships with main players in the sector to develop new strategies and consolidate its operations.
(b) Regional presence: IFC''s participation could eventually help the Sponsor broaden the scope of its footprint, potentially expanding into new markets.
(c) Establish and maintain Environmental & Social standards as well as Corporate Governance: IFC will ensure that BTST develops and implements the proper policies and procedures as it continue to grow in the region.

The key environmental and social (E&S) issues associated with this project are in the construction of towers; labor and working conditions (including employee and contractor occupational health and safety); and pollution prevention and abatement.  Details are contained in the E&S Review Summary for this project.  Environmental and social risks and impacts in this project are expected to be limited, so the project is classified as Category B according to IFC''s E&S review procedure.  

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.

Please refer to the Environmental and Social Action Plan (ESAP) tab in the related Environmental and Social Review Summary (ESRS) document for this project.