Phoenix Tower B4 (IFC-42497)

  • Brazil
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Apr 26, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Communications
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 225.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 225.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Apr 2, 2020

Disclosed by Bank Mar 20, 2019

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Phoenix Tower do Brasil (“PTB” or “Phoenix” or the “Company”), an existing IFC investee company, has invited IFC to upsize its senior secured loan exposure from BRL150 million (~US$40 million) to BRL225 million (~US$60 million) to fund the expansion of its operations in Brazil. Having recently acquired a competitor in Brazil, K2 Towers Brazil, the Company is seeking to “future-proof” its operations to meet the coverage densification requirements for Fourth Generation (“4G”) and future generations through small cells. The Company is also planning to build new Built-to-Suit (“BTS”) towers to meet the network expansion requirements of mobile network operators in Brazil (the “Project”). IFC’s interest in the IFC’s interest in the Project is premised not just on supporting the growth of a performing client with a solid operational track-record, but also future-proofing Phoenix for the coverage densification required for the deployment of 4G and future generation networks in Brazil.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

Enhanced and expanded mobile telecommunications access: This Project expands tower sharing and enables mobile operators and internet service providers to share infrastructure cost and improve the quality and reach of their networks. In particular, the expansion will be achieved through the deployment of BTS sites for traditional coverage as well as small cell infrastructure which is an innovative technology in its nascent stage that brings better coverage to support data traffic in high density areas such as office towers and shopping malls.

Expanded access to ICT technologies: The expected impact is on market competitiveness by supporting the growth of a second-tier provider deploying the innovation of small cell infrastructure that could potentially advance the market by pushing the incumbents to adopt the technology. While the tower sharing economy is moderately developed in Brazil with about 75,000 cell sites and 60,000 base stations deployed in Brazil with about 65% of the towers being independently owned, the tower sharing market is dominated by 3 large players who do not seem to be deploying the towers that are needed to support the higher data traffic densities required for 4G and 5G, or to be investing in small cell technology.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.


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 You can learn more about the CAO and how to file a complaint at

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