Company name
PTIE – Phoenix Tower International Ecuador S.A.
Project number
13023-01
Category B projects have potential environmental and/or social impacts and risks that are less adverse than those of a Category A and which are generally limited to the project site, largely reversible and can be mitigated via measures that are readily available and feasible to implement in the context of the operation.
E&S category
B
Country
Ecuador
Sector
Digital Economy
Status
Proposed
Disclosed date
06/16/2020
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
07/16/2020
Approval date
07/16/2020
Signed date
08/07/2020
Sponsoring entity
Phoenix Tower International III, LLC
Investment Operations Department Contact
Corporates Division
Investment type
Syndicated amount
USD $ 11,800,000
Financing amount
USD $ 80,000,000
Currency
USD
Project scope and objective
The Proposed transaction is long-term secured financing of up to US$110 million to support Phoenix Tower International’s (“PTI”) shared infrastructure business model in Ecuador, kickstarted by the acquisition of an existing tower portfolio from Otecel S.A. (“Movistar Ecuador”), together with additional growth capital expenditure and working capital needs (the “IDB Group Financing”). The IDB Group Financing consist of IDB Group A-loans of up to US$80 million and a potential co-loan of US$30 million mobilized by IDB Invest.
PTI is one of the largest independent wireless infrastructure operators and has been growing rapidly in Americas and the Caribbean since its start of operation in 2014. The Company’s innovative digital infrastructure sharing model will allow different mobile network operators to increase mobile broadband capacity and coverage more efficiently in Ecuador, which is especially critical in the context of COVID-19 pandemic in which social distancing requires reliable broadband connectivity.
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Contact information
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Client Contact
N/A
PHONE NUMBER
N/A
POST OFFICE ADDRESS
N/A
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
COUNTRY OFFICES
IDB Invest Country OfficesIndividuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing mgm@iadb.org or by calling +1 202 312 4040.
As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to mecanismo@iadb.org or MICI@iadb.org or calling +1(202) 623-3952.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
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Environmental and social review
IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.
ENVIRONMENTAL AND SOCIAL REVIEW
44.3 Kb
PTI ECUADOR - ESRS AND ESAP - JUN 2020
245.8 Kb