Finnfund and IDB Invest partner with Netwey to expand internet access in Mexico

Finnfund closed a 5 million US dollar equity investment with Netwey, a Mexican Internet Service Provider, to expand its fiber optic network and improve internet accessibility. This investment aims to bring unlimited high-speed internet to more low-income households, bridging the digital divide.

The investment is part of a 10 million US dollar equity round in collaboration with IDB Invest, a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector.

“We are excited to collaborate with IDB Invest to support Netwey in expanding its provision of high-speed internet to low-income areas in Mexico. At Finnfund, we continue to strengthen our focus on the digital sector and increasing digital accessibility is central in this regard. Moreover, this investment is our first digital sector investment in Latin America and therefore an important milestone,” says Fabian Cisar, Investment Manager, Finnfund.

More than 21 million Mexican households in underserved areas lack adequate internet access, with many in lower socioeconomic tiers. Significant investments have been made in fiber optic infrastructure. However, these investments have been largely concentrated in high-income urban centers, leaving a significant part of the country underserved.

The project aims to broaden Netwey’s fiber optic network, thus enabling more low-income households to access high-speed internet. Broadband services have a transformative impact on the economy and society. An increase in digital connectivity supports economic growth and facilitates inclusive access to critical services in finance, education and health, and provides possibilities for small businesses to connect with global value chains.

The digital infrastructure and solutions sector is one of Finnfund’s key strategic priorities and most rapidly growing sector.

More information
Fabian Cisar, Investment Manager, Finnfund
fabian.cisar@finnfund.fi, tel. +358 040 353 9811

Media contacts
Terhi Elomaa, Communications Manager, Finnfund
terhi.elomaa@finnfund.fi, tel. +358 40 194 0281

This investment is made with support from the European Union and the European Fund for Sustainable Development Plus (EFSD+), one of the financing tools of Global Gateway, promoting sustainable investments in the EU’s partner countries. Finnfund has utilised an EFSD+ guarantee under the EU Finnfund Global Connected guarantee programme, which supports investments into rural connectivity solutions, access to data, and digital solutions. For more information, please visit the European Commission’s website.