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Proparco and IDB-Invest support Millicom to expand its activities in Latin America
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Proparco and IDB-Invest announce their participation of USD 100 million equivalent in a local-currency bond issuance by Millicom, a leading telecommunications operator in Latin America. This strategic partnership with Millicom aims to make internet access a powerful lever for reducing inequalities, leveraging the French expertise of the Iliad Group, Millicom’s larger shareholder.
Connecting underserved communities through essential digital access
Access to reliable and affordable internet has been recognized as an essential service, vital for education, healthcare, economic opportunities, and social inclusion. In Latin America, large segments of the population, particularly in rural and underserved areas, remain disconnected, exacerbating existing inequalities. By financing Millicom through this local-currency bond, Proparco is contributing to closing these digital gaps, expanding high-speed mobile and fixed broadband networks, and ensuring that vulnerable communities can benefit from digital tools and services that drive socio-economic development.
Transforming Colombia’s telecom sector: Millicom scales operations
Millicom, with a strong regional footprint and a leading market position, is a key driver of digital expansion in Latin America. The company has recently accelerated its presence in Colombia through strategic acquisitions, on track to become the second-largest operator in the market. This transformation occurs at a pivotal moment for the region, where data traffic is expected to triple by 2030 while broadband adoption remains uneven.
Millicom’s shareholder base includes French entrepreneur Xavier Niel, whose stake has recently increased significantly, bringing French expertise from the Iliad Group. By subscribing to this bond issuance in local Colombian pesos, Proparco supports Millicom’s rapid expansion across Latin America.
Supporting Proparco’s mission for inclusive digital infrastructure
Proparco’s investment will specifically target rural and underserved areas in Colombia. As part of this financing, Proparco will also support Millicom’s subsidiaries in Colombia in managing environmental and social issues, with particular attention to the impact of its activities on biodiversity. This transaction demonstrates Proparco’s ability to act as a catalyst for inclusive and sustainable digital infrastructure.
By partnering with both established and rapidly transforming operators like Millicom, Proparco and IDB-Invest support projects that generate tangible local impacts, with shared objectives covering connectivity expansion, device affordability or gender-inclusive policies. Those objectives are closely aligned with Proparco’s mandate to reduce inequalities and foster long-term economic development in emerging countries.