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

Countries
  • Colombia
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
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jan 26, 2021
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Colombia Movil S.A. ESP.
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 180.72 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 625,000,000,000
Converted using 2021-01-19 exchange rate.
Primary Source

Original disclosure @ IDBI website

Updated in EWS Jan 19, 2021

Disclosed by Bank Dec 22, 2020


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Project 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

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

Contact Information

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