The Emerging Africa & Asia Infrastructure Fund (EAAIF) has committed a combined $82.8 million in private debt financing to strengthen digital infrastructure across Africa through investments in telecom tower expansion in the Democratic Republic of Congo (DRC) and fibre-optic network development spanning 25 countries.

The fund, a Private Infrastructure Development Group (PIDG) company managed by Ninety One, announced on Wednesday that it has approved a $32.8 million senior secured loan for Eastcastle Infrastructure DRC and a further $50 million loan for Liquid Intelligent Technologies.
According to EAAIF, the investments are aimed at accelerating digital connectivity across Sub-Saharan Africa by improving both mobile network access and high-speed cross-border internet infrastructure.

The $32.8 million financing forms part of an expanded $179 million senior secured facility for Eastcastle Infrastructure DRC, which will fund the construction of 728 new telecommunications towers, increasing the company’s network from 1,072 to 1,800 towers.
The expansion is expected to improve mobile connectivity in the DRC, where mobile internet penetration remains at about 17 per cent and telecom tower density is among the lowest in the world. Around 70 per cent of the new towers will be deployed in rural and underserved communities.

The project also includes the installation of solar panels and lithium battery systems to improve energy efficiency, reduce dependence on diesel-powered generators and mitigate unreliable electricity supply.

EAAIF also committed $50 million to Liquid Intelligent Technologies as part of a broader $450 million restructuring and expansion package designed to strengthen the company’s financial position and support its extensive terrestrial fibre-optic network.

Liquid’s network spans more than 110,000 kilometres across 25 African countries, including Kenya, South Africa and Zimbabwe, providing broadband, cloud and digital connectivity services to telecom operators, enterprises and data centre providers.

The fund noted that the investment would help sustain critical digital infrastructure needed to support Africa’s growing digital economy while enabling businesses to access more reliable internet services.

The financing also aligns with environmental sustainability objectives, supporting Cassava Technologies, Liquid’s parent company, in its target to reduce Scope 1 and Scope 2 greenhouse gas emissions by 42 per cent by 2030.

Commenting on the transactions, Co-Head of Emerging Market Alternative Credit at Ninety One and fund manager of EAAIF, Martijn Proos, said strong digital infrastructure is essential for economic growth across the continent.

He said the simultaneous investments in telecom towers and fibre connectivity demonstrate the fund’s confidence in Africa’s expanding digital economy and the need to strengthen both local access networks and regional connectivity.

Group Chief Executive Officer of Liquid Intelligent Technologies, Hardy Pemhiwa, described the financing as both a financial and strategic milestone that would strengthen the company’s balance sheet and support continued expansion of its cross-border fibre network.

Also speaking, Co-founder and Director of Eastcastle Infrastructure Ltd, Peter Lewis, said the renewed partnership with EAAIF would enable the company to address the DRC’s critical telecommunications infrastructure gap while expanding sustainable and energy-efficient connectivity across the country.