Colombian telecommunications service provider, Colombia Movil (Tigo), will receive support from the multilateral development bank IDB Invest to expand and upgrade telecommunication network infrastructure in small municipalities in Colombia.
The bank has finalized a standby letter of credit, a "financial guarantee instrument," worth COP 197.4 billion. The credit is aimed at providing support for the expansion and modernization of telecommunication infrastructure in small municipalities across Colombia.
Also Read: Movistar and Tigo Sign MoU to Explore Mobile Network Sharing in Colombia
Providing Mobile Broadband to 915 Rural Areas
As part of the project, Tigo will provide mobile broadband to 915 rural areas that currently do not have coverage, enabling people in those areas to enjoy the benefits of digital connectivity and closing the digital divide.
Enhancing Mobile Services in 340 Municipalities
The project will also help improve mobile services, transitioning from 3G to 4G LTE broadband in 340 municipalities, according to the statement.
Also Read: Millicom (Tigo) To Build New Fiber Network at Bioceanic Corridor
IDB Invest is also providing advisory services to support the digitalization of small, rural, and agricultural businesses located in Caqueta, in the Amazon region.
According to the statement, this project is expected to contribute to four United Nations Sustainable Development Goals (SDGs): No Poverty (SDG 1), Decent Work and Economic Growth (SDG 8), Industry, Innovation, and Infrastructure (SDG 9), and Partnership for the Goals (SDG 17).
Tigo aims to bridge the digital divide and provide residents in these remote locations with the invaluable benefits of digital connectivity.
