Colombia Movil (Millicom) SBLC (IDBI-12799-01)

Countries
  • Colombia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • IDB Invest (IDBI)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jan 26, 2021
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Colombia Movil S.A. ESP.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Communications
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 180.72 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 625,000,000,000
Converted using 2021-01-19 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IDBI website

Updated in EWS Jan 19, 2021

Disclosed by Bank Dec 22, 2020

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The Transaction is made up of a facility (the "Facility") of up to COP625 billion for the end benefit of Colombia Movil 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.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

For questions about the Project please contact:

Name: Luisa Cardona

Title: Gerente de Tesoreria

Telephone number: +57-4-515-1726

E-mail:Luisa.Cardona@tigo.com.co

For questions and comments to IDB Invest, please contact:

Name: IDB Invest Communication Group

E-mail:requestinformation@idbinvest.org

In addition, affected communities can access IDB Invest's Independent Consultation and Investigation Mechanism (ICIM) as follows:

Telephone: +1 (202) 623-3952

Fax number: +1 (202) 312-4057

Address: 1300 New York Ave. NW Washington, DC. USA. 20577

E-mail:mecanismo@iadb.orgoMICI@iadb.org

 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

For questions about the Project please contact:

Name:                                   Luisa Cardona

Title:                                      Gerente de Tesorería

Telephone number:           +57-4-515-1726        

E-mail:                                    Luisa.Cardona@tigo.com.co

For questions and comments to IDB Invest, please contact:

Name:                                   IDB Invest Communication Group

E-mail:                                   requestinformation@idbinvest.org  

In addition, affected communities can access IDB Invest’s Independent Consultation and Investigation Mechanism (ICIM) as follows:

Telephone:                            +1 (202) 623-3952

Fax number:                         +1 (202) 312-4057

Address:                                1300 New York Ave. NW Washington, DC. USA. 20577

E-mail:                                    mecanismo@iadb.org o MICI@iadb.org

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How it works