Digicel, the Caribbean mobile operator currently expanding in the region is looking to acquire a $70million loan to fund its expansion in the region.According to a report by the Sunday Business Post Online, Digicel is 'seeking a loan of $70 million from the International Finance Corporation (IFC), a division of the World Bank, to fund its expansion in Fiji, Vanuatu, Samoa and Tonga' and it is 'also hoping to secure a mobile licence on the small Pacific island of Kiribati'.
The company is planning to 'spend about $280 million (EUR178 million)in its latest expansion in the South Pacific'.
'Earlier this year, Digicel sought a $75 million loan from the IFC to part-fund a $400 million investment in Honduras' and it has 'invested more than $2 billion in the Caribbean, South Pacific and Central America, and has more than 6.5 million customers'.
'The IFC is expected to make a decision on Digicel's investment proposal this week' and it has described Digicel as "an existing client [which] has demonstrated a clear track record of positive developmental impact in all geographical areas it has entered".
Last week, Digicel made its launch in Vanuatu, its fourth in the region following Samoa, Papua New Guinea and Tonga. Reggae star, Shaggy, was brought into Tonga by the company to celebrate its launch there in May.
The company is also present in Fiji although it is yet to officially launch there.