By BID Invest
IDB Invest has granted a senior line of credit of US $ 45 million to subsidiaries of QMC Telecom International Holdings LLC in Mexico, Colombia and Peru, available in the three local currencies. The project will finance QMC Telecom’s activities in the three countries to meet its capital expenditure, working capital and debt service reserve account needs.
This ten-year transaction will help improve the quality and efficiency of wireless broadband services in countries. Lockdown and social distancing measures have made broadband connectivity essential for most social and economic activities, including work, education and healthcare. Mobile data traffic was already expected to increase dramatically by 2025, but the pandemic has dramatically accelerated data traffic with increased adoption of digital services.
QMC Telecom plans to dramatically increase its portfolio of towers, distributed antenna systems and street-level solutions in Mexico, Colombia and Peru as all these countries prepare for 5G spectrum deployments and intensification. network requirements that will follow. In Colombia, the new funding will allow QMC Telecom to support national deployments by operators of the recently auctioned 700MHz spectrum, including those in communities that currently lack 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 drive growth, enable connectivity and meet customer needs. The IDB Invest loan will help us make this vision a reality and in doing so reduce the digital divide in Latin America, ”said Ricardo Zubieta, CFO of QMC.
“The pandemic has highlighted the importance of wireless communications and connectivity has become an essential mission in today’s world. The investment in QMC Telecom strengthens our commitment to the development of sustainable connectivity in Latin American countries, ”said Gema Sacristán, Director of Investments at IDB Invest.
IDB Invest will support QMC Telecom in the implementation of an environmental and social management system (ESMS) in order to better identify and control the possible environmental and social impacts and risks associated with its operations. The ESMS will include an environmental and social procedure for site selection, a mechanism for dealing with community complaints, an obligation for the client to prepare a health and safety management plan and implementation protocols, better management of solid waste and a series of measures to manage the impacts on neighboring municipalities.
This agreement 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 BID 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 businesses and projects to achieve financial results and maximize the region’s economic, social and environmental development. With a portfolio of US $ 13.1 billion in assets under management and 385 clients in 25 countries, IDB Invest offers 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 an independent multinational owner and operator of wireless infrastructure. The company develops, owns, acquires and manages macro-installations, roofs, indoor antenna systems 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.