Tower company to build 600 cell sites

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Affordable and higher quality mobile connectivity in the Philippines gets a boost as the International Finance Corporation arranged $70 million in funding for cell tower company Communication and Renewable Energy Infrastructure (CREI) Philippines Inc.

CREI Philippines, part of the global telecommunications infrastructure group Two Thirty Three Holdings SA, plans to build more than 600 new towers across the Philippines by 2023.

One of the main business activities of CREI Philippines is to develop, acquire and operate telecommunications towers that can be shared by multiple network operators, thereby increasing efficiency while reducing the cost of ownership.

The financing package includes a $25.5 million loan from the IFC and a parallel facility of $44.5 million.

IFC believes that the loan, in addition to creating a competitive market for tower collocations, will help increase mobile network capacity, enabling operators to expand mobile broadband networks across the Philippines and provide better services at affordable rates.

IFC noted that the number of mobile subscribers per tower, a measure of network congestion, in the Philippines is more than double the regional average.

“Despite the challenging market conditions triggered by the pandemic, IFC’s long-term financing will enable us to realize our ambitions to expand our digital infrastructure portfolio in the Philippines,” said CREI Managing Director Kadri Hakim, in a joint statement.

According to Jean-Marc Arbogast, IFC Country Director for the Philippines, digital connectivity is more important than ever for businesses and people to thrive.

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