Guatemala’s Continental Towers will receive an investment that will help it build and maintain mobile-phone towers across Central America, increasing mobile-phone coverage and reducing communication costs. IFC, a member of the World Bank Group, has announced it is providing the company with a $120 million financing package.

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The investment will be used to double the number of towers that Continental Towers operates in Central America over the next two years, as well as finance its expansion into Nicaragua. Continental Towers’ clients include Digicel, Telmex, Millicom and Telefónica.

IFC’s investment comprises a $40 million loan and an $80 million syndicated loan, with participation from HSBC Bank (Panama), S.A.; Panama’s Banco General; FMO (Netherlands Development Finance Company); and CIFI (Corporación Interamericana para el Financiamiento de Infraestructura).

Jose Paz, CEO of Continental Towers, noted in a statement that the financing package will allow the firm to continue to be “one the leading regional independent tower companies in Latin America.” Guatemala’s Continental Towers was established in 2008. It also has a presence in Costa Rica, El Salvador, Honduras, Nicaragua and Panama.

IFC director Bernard Sheahan said that “broadening access to affordable mobile telecommunication services remains a crucial part of development across Latin America.”