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Virgin Mobile Secures Funding for Chilean MVNO
Published on:
Virgin Mobile Latin America (VMLA) has signed a debt funding agreement with IFC, a member of the World Bank Group, to fund Virgin Mobile Chile.
The US$11 million debt facility made available to Virgin Mobile Chile by IFC provides the Company the capital to speed its entry into the Chilean mobile market.
Since its launch less than four months ago, the company has signed up 65,000 customers.
"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. "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 IFC are currently in talks about partnering to enhance the mobile market in a number of Latin American countries including Brazil and Colombia.
Tags: [virgin mobile] [mno] [Chile]
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