IDB Invest improves quality and efficiency of wireless broadband in Colombia, Mexico, and Peru by investing $45 million...
Nov 18, 2021
News provided by
Share this article
Share this article
SAN JUAN, Puerto Rico, Nov. 17, 2021 /PRNewswire/ -- IDB Invest has provided a $45 million senior loan facility to QMC Telecom International Holdings LLC subsidiaries in Mexico, Colombia, and Peru, which will be available in the three local currencies. The project will fund QMC Telecom's business in the three countries to support its capital expenditures, working capital, and debt service reserve account needs. This ten-year transaction will improve the quality and efficiency of wireless broadband services in Colombia, Mexico, and Peru. Social distancing and lockdown measures have made broadband connectivity essential for most social and economic activities including work, education, and health care. Mobile data traffic was already expected to increase considerably by 2025, but the pandemic has significantly accelerated data traffic with higher adoption of digital services. "QMC is growing very fast due to a strong business strategy and the quality of our solutions. A partnership with the IDB will make us even stronger and help us solidify our position to better serve our clients in Latin America" said Rafael Somoza and Jose Stella, QMC's co-CEOs and Founders. QMC Telecom expects to significantly grow its portfolio of towers, distributed antenna systems, and street level solutions in Mexico, Colombia, and Peru as all these countries get ready for 5G spectrum deployments and the required network densification that will follow. In Colombia, the new financing will allow QMC Telecom to support carriers´ nationwide deployments of the recently auctioned 700MHz spectrum, including in communities that currently have no cellular coverage. "Our partnership with IDB Invest underscores QMC Telecom's commitment to corporate citizenship, sustainability, and diversity in the communities it serves. QMC's vision is to foster growth, enable connectivity and solve clients' needs. IDB Invest's loan will help us realize that vision and, in doing so, reduce the digital divide in Latin America", said Ricardo Zubieta, QMC's Chief Financial Officer. "The pandemic highlighted the importance of wireless communications and connectivity has become an essential mission in today's world. The investment in QMC Telecom reinforces our commitment to the development of sustainable connectivity in Latin American countries", concludes Gema Sacristán, IDB Invest´s Chief Investment Officer. IDB Invest will support QMC Telecom with the implementation of an environmental and social management system (ESMS) to better identify and control potential environmental and social impacts and risks related to its operations. The ESMS will include an environmental and social guided screening procedure for site selection, a mechanism to address community grievances, a requirement for the client to prepare a health and safety management plan and implementation protocols, improved solid waste management, and a series of measures to manage impacts on neighboring communities. This deal is expected to contribute to two United Nations Sustainable Development Goals (SDGs): Decent Work and Economic Growth (SDG 8), and Industry, Innovation, and Infrastructure (SDG 9). About IDB Invest
IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social and environmental development in the region. With a portfolio of $13.1 billion in asset management and 385 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries. About QMC Telecom International
Founded in San Juan, Puerto Rico in 2008, QMC Telecom is a multinational independent owner and operator of wireless infrastructure. The company develops, owns, acquires, and manages macro sites, rooftops, indoor DAS, and street level solutions in Brazil, Colombia, Mexico, Peru, Chile, and the United States. QMC is backed by a group of renowned investors including Accel, Housatonic Partners, and Grupo Santo Domingo, among others. SOURCE QMC Telecom