Introduction to the Partnership
BID Invest has joined forces with Nokia to establish a $50 million financing mechanism, aiming to strengthen digital connectivity in Latin America and the Caribbean.
Program Details
This collaboration will enable Nokia to provide more flexible payment terms to communication service providers, thereby encouraging greater investments in secure and high-performance networks.
Program Scope
The program will initially launch in Mexico and subsequently expand to other countries in the region. By facilitating quicker access to reliable telecommunications technologies, this alliance seeks to bolster digital connectivity, stimulate competitiveness, and foster innovation.
Addressing the Digital Divide
Over 200 million people in Latin America and the Caribbean still lack internet access, while many others face unreliable or limited coverage. Rural and remote communities remain underserved, with ongoing concerns about network security.
- Expanding access to certified and secure technologies is crucial for promoting economic growth, enhancing public services, and strengthening the region’s resilience.
Key Benefits of the Partnership
This solution aligns infrastructure spending with income generation, unlocking new broadband network investments. By easing cash flow constraints and reducing reliance on traditional debt, the mechanism will also support rapid digital infrastructure deployment, particularly in underserved areas, through sustainable financing.
Quotes and Additional Information
“With this partnership, BID Invest and Nokia reaffirm their commitment to building a more connected and competitive Latin America and the Caribbean, where reliable digital access is a driver of opportunities for everyone,” said a press release.
About BID Invest and Nokia
BID Invest: A member of the Bank of the Americas Group, BID Invest is a multilateral development financial institution that provides financing and advisory services to promote private sector development in Latin America and the Caribbean.
Nokia: A global leader in technology and communications, Nokia is dedicated to creating technology that helps everyone connect, communicate, and collaborate. With a strong focus on innovation, Nokia is committed to driving progress and shaping the future of digital connectivity.
