Wednesday, 20 July 2022 11:48

International Finance Corporation pumps $271 million to bolster Telecom Argentina’s connection

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The International Finance Corporation, part of the World Bank Group, will loan US$184.5 million ($271 million) to telecommunications company Telecom Argentina.

The seven-year loan will expand Telecom Argentina’s 4G/4.5G and fibre 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, 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 IFC regional head for infrastructure Adil Marghub.

“Well-developed digital infrastructure will improve Argentina's productivity and contribute to sustainable and inclusive development.”

“We are pleased to work with Telecom to help bridge the digital divide in Argentina. Digital connectivity improves productivity, efficiency, and transparency across all economic sectors,” said IFC regional manager for the southern cone David Tinel.

“IFC’s new loan is yet another sign of confidence in our business project which will allow us to continue leveraging our strategic infrastructure investment plan to continue promoting the digital development of the country,” said Telecom Argentina CEO Roberto D. Nobile.

While the country exhibits 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 through the financing agreement while making capacity and energy efficiency improvements in existing sites.

The company will also continue to deploy fibre optic networks to further improve the connectivity experience for its millions of customers.

This first appeared in the subscription newsletter CommsWire on 19 July 2022.

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Kenn Anthony Mendoza

Kenn Anthony Mendoza is the newest member of the iTWire team. Kenn is also a contributing writer for South China Morning Post Style, and has written stories on Korean entertainment, Asian and European royalty, Millionaires and Billionaires, and LGBTQIA+ issues. He has been published in Philippine newspapers, magazines, and online sites: Tatler PhilippinesManila BulletinCNN Philippines LifePhilippine StarManila Times, and The Daily Tribune. Kenn now covers all aspects of technology news for iTWire.com.

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