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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