According to the bank, the Project consists of an uncommitted receivables purchase facility for US$100 million ("Facility") to sell mobile phone handset receivables originated by Telefonica Moviles Chile S.A. (the "Company" or "Movistar Chile"). The Facility will have an availability period of 48 months. The receivables have a repayment period of up to 24 months from the issuance date of the lease contract. Under the Facility, IDB Invest shall purchase, in its sole discretion, the mobile phone handset receivables.
The Project seeks to support the adoption and use of smartphones that allow the final subscribers of Movistar Chile to access to data services. Greater access to data services has a positive impact on economic development since broadband penetration facilitates the creation of jobs, promotes the creation of businesses, increases productivity, and positively impacts per capita growth. However, there are important barriers to deal with dramatic growth in data uses, one of which is the cost of acquiring equipment and technologies that allow end users to use Internet services. The proposed Project is one of the ways that IDB Invest will seek to address this barrier.
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