In October 2016, IFC signed and fully disbursed a loan of US$500 million with Telecom’s mobile services subsidiary, Telecom Personal S.A. (“Personal”), including US$100 million for IFC’s own account, US$300 million B Loan and US$100 million Parallel Loan (refer to Project “Telecom Personal” # 36171, which has shown a satisfactory E&S performance during the first year of IFC supervision). In 2017, Personal was merged into Telecom Argentina. In January 2018, Telecom Argentina and Cablevision merged and the surviving entity is Telecom Argentina. The proposed project consists of a new corporate finance facility of up to US$350 million to Telecom, out of which US$100 million A-loan and the remainder to be mobilized through either MCPP or B Lenders. Telecom Argentina has a total of US$8 billion worth assets, including 6,049 telecommunication sites and 3,050 real estate properties (48% owned by the company and 52% under lease contracts). The loan will fund the company’s continued rollout of 4G mobile network and further expansion of its fixed broadband services. Telecom will install additional 770 telecommunication sites providing 4G connectivity across the country. Additionally, the project will support the expansion of Wi-Fi circuit in Argentina (former Cablevision), and the expansion of company’s fiber-optic network.
The total project cost is estimated at US$1.0 billion. The proposed IFC investment is up to $350 million debt financing, including up to US$100 million loan from IFC’s own account and the remaining to be mobilized.
ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/