IDB Invest has closed a standby letter of credit for US$47.5 million to Colombia Móvil (aka Tigo) to support the expansion and upgrade of telecommunications infrastructure in small municipalities in Colombia.
The project will provide mobile broadband to 915 rural areas that are currently without coverage, allowing them to enjoy the benefits of digital connectivity and helping to close the rural-urban access gap. It will improve mobile services by aiding the transition from basic 3G to 4G LTE broadband in 340 municipalities. This will allow retail and corporate customers to benefit from high-speed data connectivity, in turn facilitating access to digital services, such as e-health, online education, telework and financial services.
IDB Invest says it is also providing advisory services to support the digitalisation of small, rural, and agricultural businesses in Caquetá, in the Amazon region. This will improve their productivity, conservation efforts, and the sustainable use of ecosystems.
Two local community groups that work in sustainable agricultural processes led by young farmers are already receiving training on how to use digital tools to improve their service offering.