Millicom to invest USD250m in Panama

15 Jul 2021

Millicom International Cellular (MIC) has committed to invest USD250 million in its Panamanian operations across 2021 and 2022. The investment target follows a meeting between Millicom CEO Mauricio Ramos and Laurentino Cortizo Cohen, the President of Panama. Ramos highlighted that the cellco has already added 78 new cell sites as of May this year, reaching more than 450,000 people. A further 143 new sites will be deployed during the second half of 2021. Going forward, Millicom plans to expand its coverage throughout the country, including Bocas del Toro, Darien, Cocle and Indigenous Comarcas, helping to close the digital divide.

Speaking following the meeting, President Cortizo Cohen commented: ‘As we sit here today, the decision has been made to modernise the network, impacting 800,000 Panamanians, of which 200,000 had no coverage. Millicom’s investment of USD250 million will have great social and economic impacts and will provide coverage to locations that are difficult to access, which is part of the Colmena Plan [which seeks to prioritise investment and promote employment and agriculture].’