42532 - ElCat

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Summary of Investment Information

Project Number

42532

Company Name

ELCAT LLC

Date SPI Disclosed

Jul 30, 2020

Country

Kyrgyz Republic

Region

Central Asia and Turkiye

Projected Board Date

Sep 17, 2020

Environmental Category

B - Limited

Status

Completed

Last Updated Date

Nov 21, 2025

Department

Regional Industry INF MCT

Industry

Telecommunications and Technology

Previous Events

Approved : Dec 18, 2020
Signed : Dec 23, 2020
Invested : Sep 14, 2021

Sector

F-A - Food Manufacturing

Project Description

With a domestic fiber network of approximately 3,500 km, ElCat LLC ("ElCat" or the "Company") is the largest privately owned, wholesale broadband operator in the Kyrgyz Republic.

Using the latest technologies, ElCat has been able to develop a quality network in line with industry standards. It is now seeking $3.0 million from IFC to extend the reach of this network and expand its service offerings (the "Project").

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	3.0
Equity

Development Impact

Project Outcomes: The Project Outcomes rating is Very Strong with Medium Likelihood of achievement. The most significant expected Project-level Outcomes are derived from increased access to high-speed broadband networks by enabling the connection of a significant number of mobile broadband users to antennas with fiber optic transmission lines, and directly connecting additional households to fiber broadband internet at home, including subscribers in underserved areas with no access to fixed broadband, thereby enabling digital inclusion and improving the quality of internet access for individuals. This network expansion has the potential to drive higher usage of digital connectivity and services by individuals, businesses and government as data-intensive contents like video streaming, conferencing and calls are becoming increasingly central to online interactions. Market Creation: The Contribution to Market Creation rating is Moderate with Medium Likelihood of achievement. The Contribution to Market Creation is derived from increased competitiveness of the broadband sector, as the investment will support a company in a market with a limited number of large private sector providers and significantly deepen the high-speed internet access segment via competition channels. The Project has an Anticipated Impact Measurement and Monitoring (AIMM) rating of Good.

IFC's Additionality in this project is both financial and non-financial. Financial additionality consists of providing longer tenor debt in a country with limited availability of credit. Broadband infrastructure projects typically generate returns over the long run. IFC's longer tenor will enable the Company to take a long-term view to achieve its vision of supporting high-speed broadband internet access in Kyrgyz Republic. Non-financial additionality involves the potential provision of corporate governance advisory services to the Company.

E&S Category Rationale / Risks and Mitigation

This is a Category B project, according to IFC’s Environmental and Social Sustainability Policy. There are only potential limited adverse environmental or social risks and impacts expected to result from the proposed project, and it is possible to avoid or mitigate any limited adverse impact by adhering to recognized performance standards, procedures, guidelines and design criteria as described in the following sections.

The key E&S issues associated with the project are: (i) development and implementation of a corporate E&S management system (ESMS) and relevant procedures and plans to assess and manage the limited adverse E&S risks and impacts in line with IFC Performance Standards (PSs); (ii) labor and working conditions; (iii) OHS management. including during installation of cables and for maintenance activities; (iv) waste management; (v) security management; and (vi) stakeholder engagement activities.

Contacts

For Inquiries About the Project, Contact

ElCat LLC
Ulan Tolubaev
Chief Executive Officer
+996 222 664400
office@elcat.kg
Bishkek sh., Kievskaya st., 71
https://elcat.kg/en/

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2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Local Access of Project Documentation

Ulan Tolubaev

ElCat LLC

Kievskaya Street 71, Bishkek, Kyrgyzstan

office@elcat.kg

+996 222 664400

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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