Virgin Mobile (VMLA) has announced a debt funding agreement to fund its virtual operator Virgin Mobile Chile with IFC, a member of the World Bank Group.
The $11 million debt facility made available to Virgin Mobile Chile by IFC is intended to speed-up investment at the new operator. The loan follows strong growth since Virgin Mobile Chile was founded four months ago with 65,000 reported subscribers.
Guillermo Mulville, Principal Investment Officer in IFC's Telecom, Media and Technology Group, said, "Broadening access to affordable mobile telecommunications services remains a crucial part of enhancing economic development and improving lives across Latin America.”
Pete Macnee, VMLA President and CEO. "We are working toward our second launch in Colombia later this year and look to extend our relationship with IFC as we build our business."
