28033 - Millicom DRC

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Summary of Proposed Investment

Project Number

28033

Company Name

Tigo RDC - MIC Ltd

Date SPI Disclosed

May 14, 2009

Country

Congo, Democratic Republic of

Industry

Telecommunications and Technology

Projected Board Date

Jun 15, 2009

Status

Completed

Sector

Mobile Telephony

Department

WBG Digital and AI

Environmental Category

B - Limited

Previous Events

Approved : Sep 25, 2009
Signed : Sep 30, 2009
Invested : Jul 22, 2010

Project Description

MIC DRC is planning an expansion project in 2009/2011 to enhance its network capacity and geographical coverage as well as to roll out a solar panel network that will power more than 60 sites. The estimated CAPEX investment is $285mn. The company is soliciting financing offers from financial institutions for up to $170mn long term loan and has invited IFC to consider a A/B Loan.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	50.0
Equity

Development Impact

Affordability & Accessibility: Tigo DRC targets the mass market, critical for improving penetration in a country where the majority of the population is below the poverty line. Tigo introduced innovative promotions and market approaches to spread connectivity in a country with low mobile penetration (9%). IFC support will allow Tigo DRC to continue with this commercial strategy.

Other Mobile Services: DRC’s market for other mobile services like data, mobile banking, etc, has been slow to develop because of limited access, limited coverage and excessive costs. Challenges to this growth include widespread poverty, a linguistically and ethnically divided population, and a low illiteracy rate. Tigo DRC’s investment in its network will provide for wider access, contributing to increasing the development of other services to be delivered via the mobile network platform.

Green technologies: MIC will pilot in DRC an aggressive alternative energy program by rolling out a network of solar panels that will power or partially power more than 60 of the Company’s cell sites. This will be IFC’s first Project which will finance the use of solar panels, supporting on-going work in the green power initiatives.

By supporting the project, IFC will provide long term financing in a priority frontier market in which private financing from local or from international commercial banks without multilateral support is scarce. IFC’s investment in the project will also help an emerging competitive telecommunications market develop, improve the efficiency of the business sector and increase connectivity between Congo-DRC and the global community. Furthermore, support to Tigo DRC is consistent with IFC close relationship with MIC worldwide.

The key issues associated with the project are environmental, health, safety, and social management; construction of towers; labor and working conditions (including employee and contractor occupational health and safety); and pollution prevention and abatement. This has been classified as a Category B project according to IFC’s Procedure for Environmental and Social Review of Projects. As a condition of IFC’s investment, Millicom DRC will commit to an action plan for ensuring that all relevant social and environmental risks and impacts are managed as appropriate. Specific information about how risks, impacts and opportunities will be addressed by Millicom DRC is summarized in the Environmental and Social Review Summary for the project.

Contacts

For Inquiries About the Project, Contact

Mr. Christophe Soulet
Oasis Sprl – a Millicom Company
372 Avenue Colonel Mondjiba
Commune de Ngaliema
BP: 8149 Kinshasa I - Gombe
Democratic Republic of Congo
Tel: +243 898 900 325, Fax +243 898901001
Email: csoulet@tigo.cd

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This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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