The International Finance Corporation (IFC) announced its indirect equity investment worth $8.3 million in EdgePoint Infrastructure to support its venture into Philippine market.

In a press release, the IFC said the investment will improve the mobile network capacity in the country and ensure EdgePoint remains competitive. More global players are poised to expand in the market resulting from the government implementation of the common tower policy.

According to Isabel Chatterton, a regional industry director at IFC, the equity investment in EdgePoint signifies a major milestone in digital development in the Philippines that will lead to more consumers and businesses with access to mobile services.

See also: Fiber Internet Plans in the Philippines

Headquartered in Kuala Lumpur, Malaysia, telco tower company EdgePoint entered the market in April when it signed a leaseback with Smart. The completion of the sale was announced earlier this month.

The IFC is a member of the World Bank group, whose joint study with the Philippines’ National Economic and Development Authority in 2020 revealed that Filipinos are spending more for slow Internet services.

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