Millicom International Cellular, whose operations in Latin America are known under the ‘Tigo’ brand, announced a USD 250 million investment, with the aim of expanding its fixed and mobile internet services in Panama, where it also plans to create a ‘Fintech Hub’, according to the information that the company has officially reported this week.
The announcement was made by Mauricio Ramos, CEO at Millicom, during a meeting with Laurentino Cortizo, Panama’s President, in which Ramos presented Millicom’s plans and investments for the 2021-2022 period, which consists of an investment in which, apart from incorporating state-of-the-art technologies to increase the capacity and speed of Tigo’s fixed and mobile networks, it also intends to expand the coverage of TV, internet, and fixed and mobile telephony services that the company provides in the country.
Ramos also informed Cortizo that Tigo Panama ‘will continue executing its modernization and expansion plan throughout the country, including Bocas del Toro, Darien, Cocle and indigenous regions, thus contributing to closing the digital divide for a more inclusive society, with equal access to information and knowledge’. In addition, Panama is working on phase 1 of the analog blackout implementation, although it has recently been put off and its new date has not been reported yet. In addition, during the meeting, Ramos introduced Marcelo Benitez as the new Tigo Panama’s General Manager.
‘This 250 million investment made by Millicom is an economic and social decision that will provide coverage in places with difficult access’, said Cortizo, who highlighted that modernizing the network of the multinational telecommunications company will impact ‘800 thousand Panamanians, of which 200 thousand had no coverage’
In October 2018, Millicom acquired an 80% stake in Cable Onda, the largest pay TV and fixed telecommunications services provider in Panama, which now operates as ‘Tigo‘. Later, in mid-2019, Movistar (Telefonica) sold its operations in Panama to Millicom, in addition to that of Nicaragua, announced in February that same year. Although originally the agreement also included the sale of the Movistar Costa Rica subsidiary to Millicom, these were finally acquired last year by Liberty Latin America.