Emerging markets telecommunications group Millicom, owner of Tigo-branded operations across Latin America, has committed to investing a further USD 250 million in Panama over the 2021-2022 period during a meeting between its CEO Mauricio Ramos and Panama’s president Laurentino Cortizo Cohen. "By working together with the government, we are enabling expanded and improved access to telecommunications, adding to the country's competitiveness, and creating a better, increasingly digital future for all the communities we proudly serve," said Ramos following the meeting.
The investments discussed include the creation of a Fintech Hub in Panama after the company doubled the number of digital transactions conducted through its Tigo Money platform over the past year. Tigo also intends to expand its coverage throughout the country, reaching Bocas del Toro, Darien, Cocle and indigenous regions with a view to closing the digital divide.
Millicom said the upgrade will impact 800,000 Panamanians, including 200,000 without any previous coverage. The company has added 78 mobile network sites since May, reaching more than 450,000 people, and plans to add another 143 in the second half of 2021.
