International Finance Corp. said Thursday it infused an additional $8.3-million indirect equity investment into Edgepoint Infrastructure to support its entry into the growing Philippines tower market.
IFC’s investment involves the acquisition of more than 2,900 towers from PLDT Inc. through a sale-leaseback transaction and the construction of additional new build-to-suit towers.
“This equity investment in EdgePoint marks a significant milestone in digital development in the Philippines, paving the way for more people and businesses to have access to mobile services,” said IFC regional industry director for infrastructure in Asia and the Pacific Isabel Chatterton.
“With the Philippines poised to grow, strong consumer demand and a vibrant labor market will undoubtedly lead to even greater calls on telecom services. This investment will help meet future needs, which is vital as digital connectivity is so fundamental to helping ensure people and businesses can flourish,” she said.