Virgin Chile gets IFC funding for MVNO project

20 Aug 2012

Virgin Mobile Latin America (VMLA) has signed a USD11 million debt funding agreement with the International Finance Corporation (IFC), part of the World Bank, to fund its Chilean mobile virtual network operator (MVNO) venture, Virgin Mobile Chile. The debt facility is intended to provide the necessary capital to accelerate the MVNO’s development in the Chilean market, where it has already signed up 65,000 customers since its launch less than four months ago, reports Cellular News. ‘IFC’s confidence in our VMLA leadership team and the Chilean market strategy is an excellent endorsement for our pan-regional business plan,’ commented Pete Macnee, VMLA President and CEO, who added: ‘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.’ VLMA and the IFC are also in talks about partnering to develop mobile services in a number of Latin American countries including Brazil and Colombia.