The International Finance Corporation, part of the World Bank Group, will lend US$184.5 million ($271 million) to telecommunications company Telecom Argentina.
The seven-year loan will expand Telecom Argentina’s 4G/4.5G and fiber optic networks in the country, including in the provinces of Salta, Tucumán, San Juan, Mendoza and Neuquén.
This will help increase access to high-speed broadband, which will support economic development and regional productivity.
“Supporting universal, affordable, and reliable digital connectivity is one of IFC’s top priorities in Latin America and the Caribbean,” said Adil Marghub, IFC’s regional infrastructure manager.
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“A well-developed digital infrastructure will improve Argentina’s productivity and contribute to sustainable and inclusive development.”
“We are delighted to work with Telecom to help bridge the digital divide in Argentina. Digital connectivity improves productivity, efficiency and transparency across all economic sectors,” said David Tinel, IFC Regional Director for the Southern Cone.
“IFC’s new loan is another sign of confidence in our business plan that will allow us to continue to leverage our strategic infrastructure investment plan to continue promoting the country’s digital development,” said Roberto D. Nobile, CEO of Telecom Argentina.
Although the country has substantial connectivity services, with more than 90% of households connected to the Internet, there are still opportunities to continue expanding networks, especially in rural areas.
Telecom Argentina, an IFC client since 2016, will deploy new mobile sites in various regions of the country thanks to the financing agreement while improving the capacity and energy efficiency of existing sites.
The company will also continue to deploy fiber optic networks to further enhance the connectivity experience for its millions of customers.
This first appeared in the CommsWire subscription newsletter on July 19, 2022.
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