Company name
Telemovil El Salvador S.A. de C.V.
Project number
15420-01
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.
E&S category
B
Country
El Salvador
Sector
Digital Economy
Status
In implementation
Disclosed date
04/21/2025
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
06/24/2025
Approval date
06/30/2025
Signed date
07/18/2025
Sponsoring entity
Millicom International Cellular S.A.
Investment Operations Department Contact
Corporates Division
Investment type
Syndicated amount
USD $ 75,000,000
Financing amount
USD $ 130,000,000
Currency
USD
Project scope and objective
IDB Invest is considering providing a financing package that includes three financial products to Telemóvil El Salvador, S.A. de C.V. (the “Company” or “Tigo”). The first tranche (15420-01) consists of a long-term loan of up to US$150 million. This financing is part of a US$300 million CAPEX strategic investment plan for the 2024–2027 period, aimed at supporting the expansion of Tigo’s mobile and fixed infrastructure network in El Salvador, and including the partial refinancing of maturing debt obligations. The long-term financing package, where IDB Invest would act as Lender of Record for the entire financing, includes US$75 million in loans from IDB Invest (“A Loan”) and up to US$75 million to be mobilized from commercial banks (“B Loan”). The second tranche (15481-01) is a revolving credit line of up to US$30 million, and finally, the third tranche (15558-01) includes an uncommitted smartphone financing line of up to US$25 million.
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Contact information
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Client Contact
N/A
PHONE NUMBER
N/A
POST OFFICE ADDRESS
Campus TIGO, Vía del Corso, Km. 16,5 Puerto de la Libertad, Zaragoza El Salvador
IDB Invest Contact
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
COUNTRY OFFICES
IDB Invest Country OfficesIndividuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing [email protected] or by calling +1 202 312 4040.
As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to [email protected] or [email protected] or calling +1(202) 623-3952.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
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Environmental and social review
IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.
TIGO EL SALVADOR ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)
266.2 Kb
TIGO EL SALVADOR -ENVIRONMENTAL AND SOCIAL ACTION PLAN (ESAP)
307.2 Kb