The Inter-American Development Bank today announced the approval of a $30 million private sector loan to Oceanic Digital Jamaica to enable the mobile telecommunications company to complete its nationwide build-out that will provide reliable telephony services throughout Jamaica.
The project is the first for Jamaica for the IDB Private Sector Department, established in 1994 to lend directly to the private sector without government sovereign guarantees.
Oceanic is one of three mobile telephone operators in Jamaica and one of two that were licensed to compete with the incumbent operator following liberalization of the country’s telecommunications sector. The financing will enable the company to complete the second phase of an investment plan and expand outside the Kingston area with its high-quality voice signals, high-speed Internet access and data services, which will be extended throughout the island.
The project will contribute to the country’s development through investment in information technology, which has been identified as a critical area for the advancement of developing countries, and it will spur private sector growth in telecommunications.
The total cost of the project is $85.2 million. Oceanic will provide $55.2 million in financing with equity resources.