WASHINGTON-Telefonica Celular del Paraguay S.A., a subsidiary of Millicom International Cellular S.A., will receive $15 million from International Finance Corp. to upgrade and expand its cellular network in Paraguay.
IFC is the private-sector arm of the World Bank Group.
“This investment demonstrates that telecommunications services can be provided effectively by the private sector, and it should serve to encourage other foreign lenders and investors to re-enter the market in Paraguay,” said Mohsen Khalil, director of IFC’s Global Information and Communication Technologies Department.
