Africa-Asia Fund commits $82.8 million to expand DRC telecom towers, and support major fibre-optic operations across Africa.

Africa’s push to expand digital infrastructure has received another boost after the Emerging Africa and Asia Infrastructure Fund (EAAIF) committed $82.8 million to strengthen telecommunications networks in the Democratic Republic of Congo (DRC) and support one of the continent’s largest fibre-optic operators.

The financing package targets two critical areas of Africa’s digital economy: expanding mobile tower infrastructure in one of the continent’s least-connected markets and reinforcing the fibre backbone that carries internet traffic across multiple countries.

The larger share of the investment, a $50 million loan, will support Liquid Intelligent Technologies as part of a broader $450 million refinancing package. The funding will help the company optimise its balance sheet while maintaining and expanding its 110,000-kilometre fibre-optic network, which spans 25 African countries and serves businesses, governments and telecommunications operators.

A further $32.8 million has been earmarked for Eastcastle Infrastructure Ltd. to accelerate the rollout of telecommunications towers across the Democratic Republic of Congo. The investment forms part of a wider $179 million financing package that will increase the company’s tower portfolio from 1,072 to 1,800 sites.

The expansion is expected to improve digital access in a country where mobile internet penetration remains among the lowest in Africa at just 17%. Telecommunications infrastructure also remains severely underdeveloped, with one tower serving between 15,000 and 20,000 people, far below levels seen in more mature markets.

EAAIF said the twin investments reflect its strategy of backing infrastructure that enables economic growth while improving digital inclusion across emerging markets.

The fund expects to surpass $200 million in project financing this year after completing nine transactions worth a combined $253 million in 2025. It is targeting more than $1 billion in infrastructure investments by 2028.

Managed by Ninety One Plc on behalf of the Private Infrastructure Development Group, EAAIF invests primarily in renewable energy, transport, logistics and telecommunications. The fund currently manages a committed loan portfolio of approximately $1.6 billion across 25 countries and is exploring additional investment opportunities in East Africa, including Kenya.