Millicom to inject $700m into Central America

Millicom to inject $700m into Central America

Millicom revealed plans to invest US$700 million into its central American mobile and broadband networks in response to a call to action from US vice president Kamala Harris.

In a statement, Millicom detailed it will spend the money on fixed and mobile broadband networks in Guatemala, Honduras and El Salvador over the next two years.

Harris lobbied last year by launching the Partnership for Central America (PCA) organisation, which looks to drum up investments for economic growth in the region.

According to data from Millicom, half of the population of Central America have a 4G smartphone, however, adoption is rising due to coverage standing at 80-90%.

Only 30-40% of households have access to reliable broadband and in the last five years over one million houses were built per year with fibre cable.

Millicom stated there has been a 10% increase in penetration of mobile broadband services which carries an almost 2% increase in GDP in markets where it operates.

The investment is in line with the United Nations-backed campaign Race to Zero which promotes zero-carbon recovery.

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