The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, is committing a combined US$82.8 million to two digital infrastructure projects aimed at expanding connectivity across Africa.
The investments include a US$32.8 million senior secured loan to Eastcastle Infrastructure DRC to finance the construction of 728 new telecommunications towers in the Democratic Republic of Congo (DRC), alongside a US$50 million loan to Liquid Intelligent Technologies to refinance and strengthen its 110,000-kilometre pan-African fibre-optic network.
The transactions reflect EAAIF’s focus on strengthening both the local infrastructure needed to connect users to mobile networks and the cross-border fibre systems that carry data across the continent.
EAAIF’s financing forms part of a US$179 million senior secured term loan and growth facility for Eastcastle Infrastructure DRC, a telecommunications tower developer and operator. The package refinances EAAIF’s initial investment in the company made in 2023.
The financing will support the construction of 728 additional passive telecommunications towers, increasing Eastcastle’s network from 1,072 to approximately 1,800 towers.
The expansion comes as the DRC continues to face significant gaps in digital infrastructure. Mobile internet penetration stands at around 17%, while the country has among the lowest tower densities globally, with approximately one tower serving 15,000 to 20,000 people, compared with roughly one tower per 600 people in the United States.
Around 70% of the new towers will be deployed in rural and underpenetrated areas, where infrastructure shortages remain a major constraint on mobile network operators and digital access.
The financing will also support the installation of solar panels and lithium battery systems, helping Eastcastle improve energy efficiency, reduce dependence on diesel and maintain operations in areas affected by unreliable electricity grids.
EAAIF’s second investment is a US$50 million commitment to Liquid Intelligent Technologies, forming part of a wider US$450 million restructuring and expansion package.
The funding will support the optimisation of Liquid’s capital structure while helping maintain and strengthen its 110,000-kilometre cross-border fibre network spanning 25 African countries, including Kenya, South Africa and Zimbabwe.
Liquid’s fibre infrastructure provides connectivity for telecommunications operators, enterprises and hyperscalers, supporting the movement, storage and processing of digital data across African markets.
EAAIF said the investment is intended to strengthen critical digital infrastructure while giving African businesses access to more reliable high-speed broadband and cloud connectivity, supporting business expansion and economic activity.
The financing also includes green covenants aligned with the transition strategy of Liquid’s parent company, Cassava Technologies, which is targeting a 42% reduction in Scope 1 and 2 emissions by 2030.
Martijn Proos, Co-Head of Emerging Market Alternative Credit at Ninety One, EAAIF’s fund manager, said reliable digital infrastructure is essential to the development of modern economies.
“A robust, reliable digital backbone is the lifeblood of any modern economy.”
He said the investments in Eastcastle and Liquid demonstrate EAAIF’s approach of supporting both local connectivity infrastructure and pan-African digital corridors.
Hardy Pemhiwa, Group CEO of Liquid Intelligent Technologies, described the partnership as both a financial and strategic milestone, saying the strengthened balance sheet would support the company’s cross-border fibre network and Africa’s wider digital growth.
Peter Lewis, co-founder and director of Eastcastle Infrastructure, said the company was pleased to continue its partnership with EAAIF as it expands its tower network in the DRC.
He said the investment would help address the country’s infrastructure bottleneck while supporting the development of more sustainable and energy-efficient connectivity.
Together, the two transactions underline the growing importance of investment in Africa’s digital infrastructure, from the telecommunications towers that provide local network access to the fibre-optic corridors that connect markets across the continent.
