Phoenix Tower B2 (IFC-39576)

Countries
  • Brazil
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
PHOENIX TOWERS PARTICIPACOES S.A.
The holder of the loan, grant, or other investment.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Loan Amount (USD)
$ 13.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Investment Amount (USD)
Not Disclosed
When disclosed, the bank did not provide this value. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 25, 2017

Disclosed by Bank May 12, 2017


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Project Description
Project Description Phoenix Tower Participações S.A. (“PTB” or the “company”) plans to build 750 telecommunication towers by December 2018 in its ongoing strategy to own and operate strategic wireless infrastructure in Brazil. IFC has an existing investment of $26 million equivalent in an A loan to PTB, which has helped to finance PTB’s consolidation of its acquisition of more than 500 towers in 2015 from T4U Holding Brasil, S.A. and to construct another 240 towers in 2016 for telecommunications operators in Brazil. E&S performance under IFC’s existing investment (#36722, see Environmental and Social Review Summary at https://disclosures.ifc.org/#/projectDetail/ESRS/36722) has been satisfactory. Overview of IFC's Scope of Review The review of this proposed investment consisted of a visit by IFC staff to the head office of PTB in Sao Paolo in March 2017; a site supervision visit at the head office and several operational sites by an IFC environmental and social (“E&S”) specialist in November 2016; review of an E&S monitoring report submitted to IFC by PTB covering its environmental and social (“E&S”) performance over the calendar of 2016; and review of answers provided to E&S due diligence questionnaire.
Investment Description
  • International Finance Corporation (IFC)
For this purpose, IFC is considering the provision of an A loan of up to $13 million equivalent to PTB.
Contact Information
ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/