Buenos Aires, Argentina, July 15, 2022.- The International Finance Corporation (IFC), part of the World Bank Group, announced a new loan of $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."
"We are pleased to work with Telecom to help bridge the digital divide in Argentina," said David Tinel, IFC's Regional Manager for the Southern Cone. "Digital connectivity improves productivity, efficiency, and transparency across all economic sectors."
"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 Roberto D. Nobile, CEO of Telecom.
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.
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.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
About Telecom Argentina
We are Telecom Argentina, a company in constant evolution, which offers experiences of connectivity, entertainment and technological solutions throughout the country. We empower the digital life of our more than 30 million customers, with a flexible and dynamic service, on all their devices, through high-speed fixed and mobile connections, and a live and on-demand content platform that integrates series, movies, gaming, music and TV shows.
Our Telecom, Personal and Flow trademarks consolidate an ecosystem of platforms, and new businesses, a comprehensive and convergent experience for individuals, companies and institutions throughout the country. We are present in Paraguay with mobile service and in Uruguay, with pay television.
We promote the digital economy and lead an industry that constitutes a fundamental pillar for the development of society, with sustainable practices and initiatives that promote talent and digital inclusion.
We are proud to be the protagonists of the evolution of society and to continue promoting the world of our clients. Because we are united by the desire to continue advancing.
