The World Bank Group through it’s member organisation the International Finance Corporation (IFC) plans to invest $97.5 USD million in ON Telecom, a Brazilian broadband internet services provider to support the expansion,  network coverage and provide connectivity to underserved regions in the State of Sao Paulo.

The financing package includes USD 27.5 million in equity and a loan of up to USD 70 million, which includes approximately USD 40 million equivalent in syndicated loans.

On Telecom’s potential market consists of more than 10 million people in 133 cities and towns, with very low existing broadband internet penetration. Many of the company’s customers are first-time broadband users who had no previous connection to broadband services, or users who switched from other internet service technologies with significantly lower speed and capacity.

On Telecom uses TD LTE technology and has invested in building its own fibre network connecting the served cities.