IDB Invest closed a $5 million 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 equity round in collaboration with the Finnish development financier and impact investor Finnfund.  

The project seeks to broaden Netwey's fiber optic network, enabling more low-income households to access high-speed internet. Broadband services have a transformative impact on the economy and society, providing numerous benefits ranging from more productive businesses and efficient public services to empowering individuals with knowledge and information. 

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.

IDB Invest will support Netwey by implementing best practices in various areas, including corporate governance and environmental and social aspects. This includes enhancing board efficiency, accountability, transparency, and strengthening internal controls through risk mapping and internal audit planning. 

About IDB Invest 

IDB Invest is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $21 billion in assets under management and over 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries. Visit our website www.idbinvest.org/en. 

About Netwey 

Founded in 2018, NETWEY aims to bridge Mexico's digital divide by providing prepaid internet services to vulnerable communities. It offers high-quality internet access in rural and suburban areas, often being the sole provider. In addition to enhancing the lives of its users through improved connectivity, this initiative has generated a significant number of employment opportunities in low-income regions, frequently using local dialects to attend the needs of customers. 

About Finnfund 

Finnfund is a Finnish development financier and impact investor. Finnfund builds a sustainable future and generates lasting impact by investing in businesses that solve global development challenges. They invest €200 million–€250 million in 20–30 companies in developing countries each year. Finnfund’s focus sectors include renewable energy, sustainable forestry, sustainable agriculture, financial institutions, and digital infrastructure and solutions. Today, Finnfund’s investments, commitments, and investment decisions total about €1.22 billion, half of them in Africa. The company has 100 employees based in Helsinki and Nairobi.