Millicom will invest over $900 million in Ecuador

Telecommunications company Tigo, the Latin American brand of Luxembourg-based multinational Millicom, announced on October 4 that it will invest more than $900 million in Ecuador during its first years of operation. The total includes roughly $450 million already committed to enter the market and more than $460 million in additional spending planned over the next four years.

The company stated that the fresh capital will go toward modernizing the mobile network, expanding coverage, and improving service quality. Millicom is modernizing and expanding more than 2,000 network sites. It has deployed more than 150 new sites across 18 provinces, expanding 4G LTE access to over one million people. Infrastructure improvements now reach more than 80% of the Ecuadorian population.

Over the next three years, the group plans to connect 400 rural schools to the internet, aiming to reach more than 48,000 children and young people. The company will also strengthen its Tigo Business unit, which provides connectivity, cloud, cybersecurity, and digital tools for corporate and institutional clients.

Millicom completed the acquisition of Telefónica's operations in Ecuador in October of last year for $380 million, taking over businesses that previously operated under the Tuenti and Movistar brands.