Telecom Developments to Help Growth

Another fabulous advancement in Panama!

The Jamaica Observer reported this week that Digicel Group is making plans for a $334 million investment in Panamanian operations.  According to the paper, the project “consists of the construction and operation of a Greenfield mobile cellular telephone network in Panama”.

This mobile network should help with infrastructure concerns from rapid development that have been voiced by Panamanian residents.

Digicel acquired their license in May for $86 million, due to its work and success in the Caribbean, where the company is the fastest growing GSM operator.  The company currently has over 6.5 million subscribers in 23 key markets.  Digicel is the third company to acquire a license, and the IFC provided a $50 million investment.

Digicel’s contract will provide a more reliable, high-quality network for telecommunications services at affordable costs for Panamanian visitors and residents.

Digicel Operations will be headquartered in Panama City, and the financing of the project is coming from the World Bank.  The contract should result in over 1,000 new jobs in Panama.

Read the entire article here.

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Panama Lighting Up Due to Growth

Panamanian President, Martin Torrijos announced on Monday plans for “Operation Light Bulb”. The project will involve handing out roughly 6 million energy-saving light bulbs to Panamanian citizens (an average of 2 per citizen).

The purpose of the project is to lessen the increasing demand for electricity in Panama. By switching to the energy-saving bulbs, blackouts can be prevented – which had begun to peak in May with increasing electricity demand.

Due to the developmental and rapid growth in Panama, local energy providers are strained. The country is currently building another 15 energy generation facilities, due by 2012.

The government has purchased $13 million worth of the fluorescent energy-saving bulbs in order to take the strain off of the current electrical providers. The energy-saving bulbs are far more more efficient than their incandescent bulb counterparts. If Panamanian residents would use the bulbs, it could replace the construction of a 60 megawatt power plant that would cost ten times what the energy-saving bulbs are capable of.

Similar energy saving plans have already taken place in Cuba, Venezuela, Europe and Australia to great success. 3 million energy-saving bulbs will be delivered later this month and distributed at no charge to poor areas outside Panama City.

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