This investment was made when British International Investment was named CDC Group.
We have now exited this investment. This is what we achieved.
Achieved impact
In 2015 we lent $20 million to enable INT Towers to build, refurbish and operate telecom towers to improve access, quality and affordability of mobile network in Nigeria and reduce tower diesel consumption using solar, battery and grid-powered solutions.
More than 500 towers were built, including in rural areas. Diesel consumption per tower was reduced by more than 30 per cent due to the introduction of more efficient technology, including solar panels.
Expected impact
In 2015, CDC invested $20 million in INT Towers to support the company’s continued expansion of telecommunications services in Nigeria, as well as ongoing improvements.
Nigeria has one of the largest telecomms markets in Africa. However, it's estimated that the country needs more than 13,000 new towers over the next five years to meet increasing demand for telecomms and data services, as well as to expand services to rural areas.
Our investment will be used to build new towers and refurbish existing towers, the aim of which is to enhance the quality and coverage of the network throughout Nigeria.
This will help to support an increasingly digital economy, for example, driving the take-up of mobile banking services to help serve the unbanked, and bringing text and electronic-based healthcare services to rural regions.
It will also help to modernise companies - from large multinationals to small and medium-sized enterprises - and their supply chains.
Reporting and Complaints Mechanism
The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to reportsandcomplaints@bii.co.uk or by mail. See more details on our Reporting and Complaints Mechanism here.
For any other general enquiries contact us at enquiries@bii.co.uk
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Key facts
- Last updated
:
When the last quarterly update of the website database occurred.
- June 2024
- Project number
:
An identifier number shared by investments in the same project.
- D228
- Status
:
The current status of the investment (green flag for active and red flag for exited).
- Exited
- Region
:
The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.
- West Africa
- Country
:
The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.
- Nigeria
- Sector
:
We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.
- Communications & IT services
- Investment type :
- Debt
- Start date :
- February 2015
- End date :
- September 2019
- Amount :
- $20m
- Currency of investment :
- USD
- Domicile
:
The company or investment fund’s place of incorporation.
- Nigeria
We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.
For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.
For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.
For direct equity investments, this is the date at which British International Investment exited the investment.
For debt investments, this is the date at which the final debt repayment was made.
For funds, this is the date at which the fund was terminated.
For underlying fund investments, this is the date at which the fund manager exited the investment.
The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.
For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.
The currency in which the investment was made.
- Last updated
