The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, announced a major digital infrastructure push in Africa with the signing of two transactions totalling USD 82.8 million in private debt commitments. The Fund has committed a USD 32.8 million senior secured loan to Eastcastle Infrastructure DRC to construct 728 new telecom towers in the Democratic Republic of Congo (DRC) and a USD 50 million loan to Liquid Intelligent Technologies to refinance and future-proof its 110,000-kilometre pan-African fibre-optic network.
These parallel investments highlight EAAIF’s strategic focus on de-risking and scaling the physical and digital networks that underpin the continent’s rapidly growing digital economy. By targeting both localised tower access and cross-border fibre transport, EAAIF is addressing Africa’s digital connectivity deficit while aligning with PIDG’s objectives to mobilise investment for socio-economic development and Sustainable Development Goals.
Bridging local access deficit: Eastcastle Infrastructure DRC
EAAIF is committing USD 32.8 million to an upsized USD 179 million senior secured term loan and growth facility to Eascastle Infrastructure DRC, a telecoms tower builder and manager. This financing package, which refinances EAAIF’s original 2023 commitment, will enable the construction of 728 new passive telecommunications towers, expanding Eastcastle’s active network from 1,072 to 1,800 towers.
In the DRC, where mobile internet penetration is 17%, and tower density is among the lowest globally (one tower per 15,000–20,000 people compared to one per 600 in the US), EAAIF’s support for Eastcastle is critical to addressing infrastructure availability, which is the primary bottleneck for mobile network operators. 70% of these new towers will be located in rural and underpenetrated regions, significantly boosting connectivity in the country.
The transaction will also finance solar panel installations and lithium battery upgrades to drive energy efficiency, circumvent grid failures and reduce Eastcastle’s reliance on diesel.
Securing pan-African fibre connectivity: Liquid Intelligent Technologies
EAAIF has also committed USD 50 million to Liquid Intelligent Technologies as part of a USD 450 million restructuring and expansion package. This investment supports the optimisation of Liquid’s capital structure and the maintenance of its 110,000 km cross-border fibre network across 25 countries, including Kenya, South Africa and Zimbabwe.
This network is key for Africa’s digital data storage and processing, serving major operators, enterprises, and hyperscalers. By investing in Liquid’s high-speed broadband and cloud infrastructure, EAAIF reinforces its commitment to sovereign digital assets that drive economic growth. This support also empowers local enterprises by providing the reliable internet access needed to scale, ultimately fostering long-term, productive employment.
EAAIF’s green covenants also align with Liquid Intelligent Technologies’ parent company, Cassava Technologies, in its transition path to achieve a 42% reduction in Scope 1 and 2 emissions by 2030.
Martijn Proos, Co-Head of Emerging Market Alternative Credit at Ninety One, the fund manager of EAAIF, said: “A robust, reliable digital backbone is the lifeblood of any modern economy. These commitments to Eastcastle and Liquid demonstrate our belief in Africa’s digital expansion through localised access points and pan-African corridors, which must work simultaneously to power the continent’s future.”
Hardy Pemhiwa, Group CEO, Liquid Intelligent Technologies, said: “This partnership with EAAIF represents both a financial and strategic milestone for Liquid. The strengthening of our balance sheet will be crucial to our cross-border fibre network and the continuation of Africa’s digital growth story.”
Peter Lewis, co-founder and director of Eastcastle Infrastructure Ltd, said: “We are very pleased to work with EAAIF once again in scaling our network of towers as we tackle the DRC’s critical infrastructure bottleneck and continue to drive sustainable, energy-efficient connectivity.”