The International Finance Corporation (IFC) has extended an investment of USD70 million to the Communication and Renewable Energy Infrastructure (CREI) Phils Incorporated to finance the construction of over 600 telecom towers by 2023.  The total financing package consists of a USD25.5 million loan and a parallel facility of USD44.5 million.

The loan is expected to boost mobile network capacity in the Philippines, allowing operators to expand 4G and 5G mobile networks at affordable rates for consumers. This project is also expected to offset greenhouse gas (GHG) emissions by reducing the use of diesel fuel on towers connected to the grid.