Softbank to Set Up 5-B.-Dollar Fund for Latin America

Economy

Tokyo, March 7 (Jiji Press)--Softbank Group Corp. <9984> said Thursday that it will set up a 5-billion-dollar investment fund targeting companies in Argentina, Brazil, Mexico and other Latin American countries.

Of the total amount, 2 billion yen will be put up by the Japanese telecommunications and technology conglomerate.

Other investors in the Softbank Innovation Fund and such details as the timing of its establishment and the location of its headquarters will be decided later.

The fund is expected to invest mainly in e-commerce, financial, health care, transport and insurance companies as the number of promising information technology firms is expected to increase in Latin America amid the rapidly growing use of the Internet and smartphones in the region.

Softbank Group Executive Vice President Marcelo Claure will serve as head of the fund's operations.

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Jiji Press