IFC Invests $14 Million in Virgin Mobile Colombia

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Virgin Mobile's new Colombian MVNO has secured a USD14 million investment from the IFC a member of the World Bank Group. Virgin Mobile Colombia will primarily cater to youth a market segment that is said to be underserved by traditional mobile network operators.

"We look forward to replicating the tremendous success we have enjoyed with Virgin Mobile in Chile when we enter the Colombian market next year," said Peter Macnee, President and CEO of Virgin Mobile Latin America. "The support of IFC has been central to our strong start in Chile, and they are very much part of our team in Colombia."

Irene Arias, IFC Regional Manager for the Andean Region, said: "This investment is aligned with IFC's strategy in Colombia to support long-term and inclusive growth by fostering entrepreneurship and innovative business models."

Earlier this year IFC invested in Virgin Mobile Chile. The company had more than 120,000 customers in its first six months of operation.

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Tags: virgin mobile  mvno  Colombia 

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