Eastcastle

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Eastcastle Infrastructure Limited (“Eastcastle” or the “Company”) is a recently established platform company, formed by the former management of Eaton Towers (“Eaton”), a previous IFC client. Eaton, founded in 2008, was an Africa focused tower company widely recognized for building and operating towers and achieving high profitability. Within 10 years Eaton built a portfolio of 5,700 tower across five countries and, in 2019, was acquired by American Tower Corporation (“ATC”). Eastcastle, building on the experience of their management team, plans to own and operate shared telecom tower infrastructure in various countries across Sub-Saharan Africa. The company plans to construct approximately 700 towers in Nigeria, 500 in Cote d’Ivoire and 750 in Democratic Republic of Congo.To support entry in these markets, Eastcastle is looking to raise US$ 120 million in equity. IFC is proposing an equity investment of US$24 million, representing 20% of the planned initial equity.