Millicom will invest $250 million to expand operations in Panama

Photo: Courtesy of the Presidency of Panama.
Editorial Dept. Voz de la Diaspora

La multinacional Millicom, that operates the TIGO brand, will invest 250 million dollars in the expansion of fixed and mobile internet services in Panama, where it will also develop a "Fintech hub", the government reported.

The new investments were announced by the CEO of Millicom, Mauricio Ramos durante una reunión con el presidente panameño, Laurentino Cortizo quien está de gira por Texas, Estados Unidos junto a un equipo de trabajo para promover las ventajas que ofrece el país a las inversiones extranjeras.

El presidente panameño explicó que invertir $250 millones “es una decisión económica y social que brindará cobertura en lugares de difícil acceso…”, lo que contribuiría a reducir la pobreza, e impactará la reactivación de la economía que decreció casi un 18% in 2020 a raíz de la pandemia.

El plan de Millicom beneficiaría que a unas 800 a thousand people, of which 200 mil no tenían cobertura, lo que ayudará a cerrar la brecha digital en el país centroamericano, agregó Cortizo.

Investment for the period 2021-2022 will be allocated to a plan to modernize and expand TIGO's fixed and mobile internet services with the goal of expanding coverage throughout the country, including communities in the provinces of Bocas del Toro, Darien and Coclé, as well as the region (indigenous) Ngäbe Buglé, Ramos said, quoted in an official statement.

The company would also create a “Fintech Hub” to serve the region with the aim of expanding its financial services taking advantage of the competitive advantages of Panama., including geographic location, and the solidity of the International Banking Center.

Photo: Courtesy of the Presidency of Panama.

"Today we have 100 people working in Panama and serving the region. We will expand our operation to 300 people to offer Fintech services, as part of the strategy of the digital hub and the business and services hub ", explained the CEO.

Photo: Courtesy of the Presidency of Panama.

Millicom International Cellular S.A. settled in Panama two years ago after buying the 80% of the shares of the Panamanian Cable Onda S.A. by $1,460 millions, the largest provider of pay television and fixed telecommunications services in Panama, the company said after the transaction was completed.

Video: Courtesy of the Presidency of Panama.