Colombia Móvil S.A. ESP.
Category B projects have potential environmental and/or social impacts and risks that are less adverse than those of a Category A and which are generally limited to the project site, largely reversible and can be mitigated via measures that are readily available and feasible to implement in the context of the operation.
Telecommunications, Media and Technology
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
Cabanas Britos, Edgar
USD $ 175,936,000
Project scope and objective
The Transaction is made up of a facility (the “Facility”) of up to COP625 billion for the end benefit of Colombia Móvil S.A. ESP (the “Company” or “Tigo”), whereby IDB Invest will issue one or more letters of credit (the “SBLC”) to other local banks acceptable to IDB Invest (the “Bank”) in order to cover Tigo’s obligations under certain security issued by the Bank in favor of the Ministry of Information Technology and Communications (“MinTIC”) and the Single Information Technologies and Communications Fund (“FonTIC”). The SBLC will support Tigo’s obligations under the resolutions issued by the MinTIC related to the assignment of 40MHz of band spectrum of 700MHz (the “Resolutions”), including: (a) annual payments for the granted spectrum, and (b) performance obligations related to the 4G LTE network deployment in 5 years.
The proposed Facility is aimed at promoting the 4G LTE network expansion in rural and underserved areas in the country, supporting the Company’s spectrum acquisition and network deployment plan.
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Gerente de Tesorería
IDB Invest Contact
1350 New York Ave NW, Washington, DC 20005