The International Finance Corporation (IFC) has announced a new loan of US$184.5 million to Telecom Argentina (Telecom), a leading company in the telecommunications sector in Argentina.
IFC’s seven-year financing package aims to promote digital connectivity in the country, especially in remote regions which have less service coverage.
IFC’s long-term support to Telecom, when access to finance in Argentina is challenging, will fund the expansion of the company’s 4G/4.5G and fiber optic networks throughout the country, including areas far from urban centers in the provinces of Salta, Tucumán, San Juan, Mendoza and Neuquén.
This will help increase access to high-speed broadband, promoting economic development and regional productivity.
“Supporting universal, affordable and reliable digital connectivity is one of IFC’s top priorities across Latin America and the Caribbean,” said Adil Marghub, IFC’s Regional Head for Infrastructure. “Well-developed digital infrastructure will improve Argentina’s productivity and contribute to sustainable and inclusive development.”
Through this financing agreement, Telecom – an IFC client since 2016 – will continue with the deployment of new mobile sites in various regions of the country while making capacity and energy efficiency improvements in existing sites. The company will also continue to deploy fiber optic networks to further improve the connectivity experience for its millions of customers.