Mexico-based It and telecoms firm Axtel secured a US$60 million loan form the International Finance Corporation (IFC), a member of the World Bank Group, as part of plans to expand its fibre network, tower footprint and data centres.
In a statement from the IFC, the body detailed the loan is for a period of seven years and is linked to environmental and social commitments.
Armando de la Peña, General Director of Axtel, said: "We are pleased to announce this first investment from IFC. Their support is a fundamental piece in our fibre optic network expansion strategy with efficient equipment and innovative digital platforms, which allows us to implement information technology solutions to boost the development, productivity and efficiency of our clients in different sectors of the country”.
Juan Gonzalo Flores, IFC Country Manager for Mexico, added: "Projections indicate that nearshoring could generate additional annual exports in Mexico of US$36 billion in the next 7 years, which would generate between 2 and 4 million new jobs by 2030.
"Mexico must be able to provide the infrastructure that guarantees reliable digital connectivity to industries that benefit from nearshoring. As a result of this alliance, IFC reinforces its commitment to Mexico to provide the necessary investment and advisory tools so the country can fully take advantage of the nearshoring potential."
The IFC has loaned over US$9 billion across telecoms, media and technology sectors in emerging markets since 2010, with US2 billion being loaned in 2023 alone.
