WASHINGTON-The Overseas Private Investment Corp. announced $423 million of support for three telecommunications projects in Africa, Asia and Latin America.
The projects are a wireless public telephone system in Tanzania, an improved paging system in India and a cellular telephone system in Argentina, OPIC said.
OPIC said its support for Cambridge-based African Communications Group Inc. will bring updated telephone technology to Tanzania. OPIC has provided ACG with nearly $11.3 million of political risk insurance for its joint venture with the Computer Corporation of Tanzania Ltd. The corporation’s first telecommunications project in India supports Illinois-based Motorola International Paging Inc., with nearly $37 million of political risk insurance.
OPIC said it is providing $200 million in financing to support the mobile cellular telephone system in Argentina and $175 million in political risk insurance to New York City-based Citibank for its involvement in the project. Project sponsors include GTE Mobile Communications International Inc., AT&T Corp. and TCW.
