Latin America Data Center Colocation Market - Industry Outlook & Forecast 2024-2029

List of Tables

The Latin America data center colocation market by investment is expected to grow at a CAGR of 8.33% from 2023 to 2029.

KEY HIGHLIGHTS

Several governments across the LATAM region have initiated schemes and incentives to attract data center investments and contribute to the growth of the Latin America data center colocation market. In Colombia, a free trade zone has been introduced. Likewise, Patagonia is emerging as a data center hub in Chile, as the government has planned several tax incentives to grow the data center market.
Data center operators, such as HostDime, KIO Networks, Scala Data Centers, Elea Data Centers, and other operators, are focused on building data centers with a PUE of <1.5 in Latin America via renewable energy, free cooling, and efficient IT infrastructure.
The major colocation service providers in the Latin American data center market include Ascenty (Digital Realty), Ava Telecom, Equinix, GlobeNet, HostDime, ODATA (Aligned Data Centers), Scala Data Centers, Elea Data Centers, Telmex, and Tigo Business, which spend millions of dollars for the development of their facilities.

MARKET OPPORTUNITIES & TRENDS

Boost In 5G Connectivity Due to Edge Data Center Developments

In Latin America, 5G connections will account for about 60% of the total mobile connections by 2030. The deployment of 5G networks will power modern edge devices, remote working, and further advancements in related technologies. Brazil is leading the way in 5G technology deployments. Other countries, including Mexico, Argentina, Colombia, and Peru, are in the trial stage. Furthermore, in December 2023, Colombia's Ministry of Information Technologies and Communications (MinTIC) authorized Claro, Partners Telecom Colombia (WOM), Union Temporal Colombia Movil-Telefonica, and Sociedad Futura Telecall Colombia to get on board with the 5G auction, that is likely to generate a revenue of about USD 500 million.
The rising deployment of 5G services and the growth in demand for connectivity in new locations and Tier I and II cities have attracted investments from edge data center operators. For instance, edge operators, including Surfix Data Center, Brisanet, V.tal, and EdgeUno, invest in establishing multiple edge data centers across Brazil, Chile, Colombia, and Mexico.

Increase in Sustainable Initiatives

Latin American governments, such as Brazil, Chile, Mexico, and Colombia, have set sustainability targets. They work together to diversify their electrical networks to support the policy and regulatory changes that encourage using renewable energy sources. Brazil, Chile, and Mexico have tremendous influence among their neighboring countries, allowing them to present their renewable energy policies as a viable model for the other countries in the region to follow suit.

Digital Economy

Governments and other regional organizations have taken initiatives to develop and grow the digital economy in the region. These initiatives aim to increase the region's digital transactions and smart payment technologies, which are prevalent in India, the UAE, and the US. According to the World Bank Group, about three-quarters of the Latin American population has internet connectivity, yet 35% of the individuals still prefer cash to digital payment methods.
In January 2024, Amazon customers in Mexico could choose Kueski Pay, a Buy Now Pay Later (BNPL) option. This provides the purchase plans of 12 bi-weekly installments through linked bank accounts, debit cards, or cash under respective networks.

SEGMENTATION INSIGHTS

The transition toward a sustainable future is evident among data center operators in the Latin America region. For example, in May 2024, Scala Data Centers conducted a trial using hydrotreated vegetable oil (HVO) to power its backup generators.
The Latin America data center colocation market is increasingly adopting advanced cooling techniques, including air-based and liquid-based systems. Innovations such as liquid immersion cooling and cutting-edge air conditioning technologies have been implemented. Given the high temperatures in certain Latin American countries, data centers are prioritizing investments in cooling infrastructure.
Major electrical infrastructure providers in the region-such as Eaton, Caterpillar, Cummins, Legrand, ABB, Rolls Royce, and Schneider Electric-are collaborating closely with data center operators to equip facilities with reliable electrical infrastructure. This includes uninterruptible power supply (UPS) systems and generators to ensure at least N+1 redundancy. A notable example is KIO Networks' BOG 1 data center, which utilizes Cummins diesel generators.
There has been significant growth in the establishment of data centers within the region, particularly those achieving Tier III and IV certifications. All newly built data center facilities are certified as either Tier III or Tier IV by the Uptime Institute.

Segmentation by Colocation Type

Retail Colocation
Wholesale Colocation

Segmentation by Infrastructure

Electrical Infrastructure
Mechanical Infrastructure
General Construction

Segmentation by Electrical Infrastructure

UPS Systems
Generators
Transfer Switches & Switchgear
PDUs
Other Electrical Infrastructure

Segmentation by Mechanical Infrastructure

Cooling Systems
Racks
Other Mechanical Infrastructure

Segmentation by Cooling Systems

CRAC & CRAH Units
Chiller Units
Cooling Towers, Condensers & Dry Coolers
Economizers & Evaporative Coolers
Other Cooling Units

Segmentation by Cooling Techniques

Air-based Cooling
Liquid-based Cooling

Segmentation by General Construction

Core & Shell Development
Installation & Commissioning Services
Engineering & Building Design
Fire Detection & Suppression
Physical Security
DCIM/BMS Solutions

Segmentation by Tier Standard

Tier I & II
Tier III
Tier IV

REGIONAL ANALYSIS

Brazil has multiple colocation providers, such as Ascenty (Digital Realty), Equinix, Scala Data Centers, ODATA (Aligned Data Centers), Elea Data Centers, and others. Several telecom providers, namely GlobeNet Telecom, Ava Telecom, and Embratel have expanded their presence in the country. Colocation operators lead investments in the country and are expected to witness further growth with several new project announcements.
In 2023, Brazil led the Latin America data center colocation market, accounting for over 48% of the market share in investments, followed by Mexico, Chile, and Colombia.
Several countries in the region are actively involved in establishing Special Economic Zones (SEZs), Free Trade Zones (FTZs), Export Processing Zones (EPZs), business parks, and industrial zones, which provide attractive benefits, such as tax incentives for international businesses.
The Latin America data center colocation market saw growth potential in subsea cable projects, connecting it with other regions and countries across the planet. Mexico City has emerged as the primary data center location in Mexico, with eight existing third-party data centers. Cancun has emerged as another major location with about six submarine cable landing stations.
Santiago, the Chilean capital, has witnessed data center development due to its strategic location and its economic and social capital. Most data center operators in Chile, such as ODATA (Aligned Data Centers), Ascenty (Digital Realty), and EdgeConneX, primarily have data centers in Santiago.
Among Latin American countries, Brazil, Columbia, Argentina, and Paraguay have actively adopted renewable energy for most of their energy needs, significantly reducing their respective carbon footprints.
Mexico is also expected to ramp up its renewable energy adoption in the forecast period, following the worldwide trend of promoting the use of renewable energy. In 2023, just over 30% of the overall energy mix was renewable in the country.

Segmentation by Geography

Latin America
- Brazil
- Chile
- Colombia
- Mexico
- Rest of Latin America

VENDOR LANDSCAPE

Ascenty (Digital Realty), Scala Data Centers, ODATA (Aligned Data Centers), Equinix, HostDime, KIO Networks, EdgeConneX, Angola Cables, Cirion Technologies, Elea Data Centers, and V.tal are some of the key companies in the Latin America data center colocation market making investments in the development of multiple data center facilities in 2023 and later.
Layer 9 Data Centers, Ada Infrastructure, Surfix Data Center, CloudHQ, and DHAmericas are some of the new entrants into the Latin America data center colocation market currently involved in developing data center facilities across the region.
The entry of several new colocation operators in the market is likely to increase competition among companies. As a result, companies offering better and sustainable solutions are likely to attract more customers and gain a higher market share.

Prominent Data Center Investors

Actis
Ascenty (Digital Realty)
Angola Cables
AVA Telecom
Blue NAP Americas
Cirion Technologies
Claro
Digicel
EdgeConneX
Elea Data Centers
EVEO
Equinix
Gtd
HostDime
IPXON Networks
InterNexa
KIO Networks
Mexico Telecom Partners
Millicom (Tigo Panama)
Oxygen
OneX
ODATA (Aligned Data Centers)
Scala Data Centers
SONDA
Telecom Italia Sparkle
V.tal
Win Empresas

New Entrants

Ada Infrastructure
CloudHQ
DHAmericas
Layer 9 Data Centers
Surfix Data Center

KEY QUESTIONS ANSWERED:

1. How big is the Latin America data center colocation market?

2. What are the key trends in the Latin America data center colocation market?

3. What is the estimated market size in terms of area in the Latin America data center colocation market by 2029?

4. How many MW of power capacity is expected to reach the Latin America data center colocation market by 2029?

5. What is the growth rate of the Latin America data center colocation market?

Product Code: ARZ241102

1. REPORT COVERAGE

1.1. WHAT'S INCLUDED
1.2. SEGMENTAL COVERAGE
- 1.2.1. Market Segmentation by Colocation Type
- 1.2.2. Market Segmentation by Infrastructure
- 1.2.3. Market Segmentation by Electrical Infrastructure
- 1.2.4. Market Segmentation by Mechanical Infrastructure
- 1.2.5. Market Segmentation by Cooling Systems
- 1.2.6. Market Segmentation by Cooling Technique
- 1.2.7. Market Segmentation by General Construction
- 1.2.8. Market Segmentation by Tier Standards

2. MARKET AT A GLANCE

3. INFRASTRUCTURE SEGMENTATION

4. PREMIUM INSIGHTS

4.1. KEY HIGHLIGHTS
4.2. MARKET OPPORTUNITIES & TRENDS
- 4.2.1. Boost In 5G Connectivity Due to Edge Data Center Developments
- 4.2.2. Increase in Sustainable Initiatives
- 4.2.3. Digital Economy
4.3. REGIONAL ANALYSIS
4.4. VENDOR LANDSCAPE

5. INTRODUCTION

5.1. MARKET OVERVIEW
5.2. REGIONAL COMPETITION ANALYSIS
5.3. LATIN AMERICA DATA CENTER COLOCATION MARKET STATISTICS & VENDOR SPECTRUM
5.4. TRENDS IN THE INTERNET & DATA GROWTH
5.5. DATA CENTER DESIGN CERTIFICATIONS
- 5.5.1. Uptime Institute Tier Standards
- 5.5.2. LEED Certification
- 5.5.3. TIA 942 Certification

6. MARKET OPPORTUNITIES & TRENDS

6.1. EDGE DATA CENTER DEPLOYMENTS FUELED BY THE 5G SURGE
6.2. SUSTAINABLE INITIATIVES LAUNCHED
6.3. DEPLOYMENT OF ARTIFICIAL INTELLIGENCE (AI) WORKLOADS IN DATA CENTERS
6.4. SUBMARINE CABLES ARE THE BACKBONE OF THE DATA CENTER INDUSTRY

7. MARKET GROWTH ENABLERS

7.1. INCREASE IN DEMAND FOR CLOUD-BASED DATA CENTERS
7.2. BIG DATA & IOT BOOSTING DATA CENTER INVESTMENTS
7.3. IMPLEMENTATION OF TAX INCENTIVES APPEALING TO DATA CENTER INVESTMENTS
7.4. GROWTH IN THE DIGITAL ECONOMY

8. MARKET RESTRAINTS

8.1. LOCATION CONSTRAINTS HAMPERING DATA CENTER EFFICIENCY
8.2. POWER CHALLENGES CRIPPLING DATA CENTER OPERATIONS
8.3. DEARTH OF SKILLED WORKFORCE
8.4. INCREASE IN CARBON EMISSIONS FROM DATA CENTERS
8.5. DATA CENTER SECURITY CHALLENGES

9. MARKET LANDSCAPE

9.1. MARKET OVERVIEW
9.2. INVESTMENT: MARKET SIZE & FORECAST
9.3. AREA: MARKET SIZE & FORECAST
9.4. POWER CAPACITY: MARKET SIZE & FORECAST
9.5. COLOCATION REVENUE: MARKET SIZE & FORECAST

10. COLOCATION TYPE

10.1. MARKET SNAPSHOT & GROWTH ENGINE
10.2. RETAIL COLOCATION
- 10.2.1. MARKET OVERVIEW
- 10.2.2. MARKET SIZE & FORECAST
10.3. WHOLESALE COLOCATION
- 10.3.1. MARKET OVERVIEW
- 10.3.2. MARKET SIZE & FORECAST

11. INFRASTRUCTURE

11.1. MARKET SNAPSHOT
11.2. ELECTRICAL INFRASTRUCTURE
- 11.2.1. Market Overview
- 11.2.2. Investment: Market Size & Forecast
11.3. MECHANICAL INFRASTRUCTURE
- 11.3.1. Market Overview
- 11.3.2. Investment: Market Size & Forecast
11.4. GENERAL CONSTRUCTION
- 11.4.1. Market Overview
- 11.4.2. Investment: Market Size & Forecast

12. ELECTRICAL INFRASTRUCTURE

12.1. MARKET SNAPSHOT
12.2. MARKET OVERVIEW
12.3. UPS SYSTEMS
- 12.3.1. Market Overview
- 12.3.2. Market Size & Forecast
12.4. GENERATORS
- 12.4.1. Market Overview
- 12.4.2. Market Size & Forecast
12.5. TRANSFER SWITCHES & SWITCHGEAR
- 12.5.1. Market Overview
- 12.5.2. Market Size & Forecast
12.6. PDUS
- 12.6.1. Market Overview
- 12.6.2. Market Size & Forecast
12.7. OTHER ELECTRICAL INFRASTRUCTURE
- 12.7.1. Market Overview
- 12.7.2. Market Size & Forecast

13. MECHANICAL INFRASTRUCTURE

13.1. MARKET SNAPSHOT
13.2. MARKET OVERVIEW
13.3. COOLING SYSTEMS
- 13.3.1. Market Overview
- 13.3.2. Market Size & Forecast
13.4. RACKS
- 13.4.1. Market Overview
- 13.4.2. Market Size & Forecast
13.5. OTHER MECHANICAL INFRASTRUCTURE
- 13.5.1. Market Overview
- 13.5.2. Market Size & Forecast

14. COOLING SYSTEMS

14.1. MARKET SNAPSHOT
14.2. MARKET OVERVIEW
14.3. CRAC & CRAH UNITS
- 14.3.1. Market Overview
- 14.3.2. Market Size & Forecast
14.4. CHILLER UNITS
- 14.4.1. Market Overview
- 14.4.2. Market Size & Forecast
14.5. COOLING TOWERS, CONDENSERS, and DRY COOLERS
- 14.5.1. Market Overview
- 14.5.2. Market Size & Forecast
14.6. ECONOMIZERS & EVAPORATIVE COOLERS
- 14.6.1. Market Overview
- 14.6.2. Market Size & Forecast
14.7. OTHER COOLING UNITS
- 14.7.1. Market Overview
- 14.7.2. Market Size & Forecast

15. COOLING TECHNIQUES

15.1. MARKET SNAPSHOT & GROWTH ENGINE
15.2. MARKET OVERVIEW
15.3. AIR-BASED COOLING
- 15.3.1. Market Overview
- 15.3.2. Market Size & Forecast
15.4. LIQUID-BASED COOLING
- 15.4.1. Market Overview
- 15.4.2. Market Size & Forecast

16. GENERAL CONSTRUCTION

16.1. MARKET SNAPSHOT
16.2. MARKET OVERVIEW
16.3. CORE & SHELL DEVELOPMENT
- 16.3.1. Market Overview
- 16.3.2. Market Size & Forecast
16.4. INSTALLATION & COMMISSIONING SERVICES
- 16.4.1. Market Overview
- 16.4.2. Market Size & Forecast
16.5. ENGINEERING & BUILDING DESIGN
- 16.5.1. Market Overview
- 16.5.2. Market Size & Forecast
16.6. FIRE DETECTION & SUPPRESSION
- 16.6.1. Market Overview
- 16.6.2. Market Size & Forecast
16.7. PHYSICAL SECURITY
- 16.7.1. Market Overview
- 16.7.2. Market Size & Forecast
16.8. DCIM/BMS SOLUTIONS
- 16.8.1. Market Overview
- 16.8.2. Market Size & Forecast

17. TIER STANDARD

17.1. MARKET SNAPSHOT
17.2. MARKET OVERVIEW
17.3. TIER I & II
- 17.3.1. Market Overview
- 17.3.2. Market Size & Forecast
17.4. TIER III
- 17.4.1. Market Overview
- 17.4.2. Market Size & Forecast
17.5. TIER IV
- 17.5.1. Market Overview
- 17.5.2. Market Size & Forecast

18. GEOGRAPHY

18.1. MARKET SNAPSHOT

19. BRAZIL

19.1. MARKET OVERVIEW
19.2. INVESTMENT: MARKET SIZE & FORECAST
19.3. AREA: MARKET SIZE & FORECAST
19.4. POWER CAPACITY: MARKET SIZE & FORECAST
19.5. COLOCATION REVENUE: MARKET SIZE & FORECAST
19.6. INFRASTRUCTURE: MARKET SIZE & FORECAST

20. CHILE

20.1. MARKET OVERVIEW
20.2. INVESTMENT: MARKET SIZE & FORECAST
20.3. AREA: MARKET SIZE & FORECAST
20.4. POWER CAPACITY: MARKET SIZE & FORECAST
20.5. COLOCATION REVENUE: MARKET SIZE & FORECAST
20.6. INFRASTRUCTURE: MARKET SIZE & FORECAST

21. COLOMBIA

21.1. MARKET OVERVIEW
21.2. INVESTMENT: MARKET SIZE & FORECAST
21.3. AREA: MARKET SIZE & FORECAST
21.4. POWER CAPACITY: MARKET SIZE & FORECAST
21.5. COLOCATION REVENUE: MARKET SIZE & FORECAST
21.6. INFRASTRUCTURE: MARKET SIZE & FORECAST

22. MEXICO

22.1. MARKET OVERVIEW
22.2. INVESTMENT: MARKET SIZE & FORECAST
22.3. AREA: MARKET SIZE & FORECAST
22.4. POWER CAPACITY: MARKET SIZE & FORECAST
22.5. COLOCATION REVENUE: MARKET SIZE & FORECAST
22.6. INFRASTRUCTURE: MARKET SIZE & FORECAST

23. REST OF LATIN AMERICA

23.1. MARKET OVERVIEW
23.2. INVESTMENT: MARKET SIZE & FORECAST
23.3. AREA: MARKET SIZE & FORECAST
23.4. POWER CAPACITY: MARKET SIZE & FORECAST
23.5. COLOCATION REVENUE: MARKET SIZE & FORECAST
23.6. INFRASTRUCTURE: MARKET SIZE & FORECAST

24. COMPETITIVE LANDSCAPE

24.1. MARKET SHARE BY COLOCATION INVESTMENT
24.2. MARKET SHARE BY COLOCATION AREA
24.3. MARKET SHARE BY COLOCATION POWER CAPACITY
24.4. MARKET SHARE BY COLOCATION REVENUE

25. PROMINENT DATA CENTER INVESTORS

25.1. ACTIS
- 25.1.1. Business Overview
- 25.1.2. Service Offerings
- 25.1.3. Key News
25.2. ASCENTY (DIGITAL REALTY)
- 25.2.1. Business Overview
- 25.2.2. Service Offerings
- 25.2.3. Key News
25.3. ANGOLA CABLES
- 25.3.1. Business Overview
- 25.3.2. Service Offerings
- 25.3.3. Key News
25.4. AVA TELECOM
- 25.4.1. Business Overview
- 25.4.2. Service Offerings
25.5. BLUE NAP AMERICAS
- 25.5.1. Business Overview
- 25.5.2. Service Offerings
25.6. CIRION TECHNOLOGIES
- 25.6.1. Business Overview
- 25.6.2. Service Offerings
- 25.6.3. Key News
25.7. CLARO
- 25.7.1. Business Overview
- 25.7.2. Service Offerings
- 25.7.3. Key News
25.8. DIGICEL
- 25.8.1. Business Overview
- 25.8.2. Service Offerings
25.9. EDGECONNEX
- 25.9.1. Business Overview
- 25.9.2. Service Offerings
25.10. ELEA DATA CENTERS
- 25.10.1. Business Overview
- 25.10.2. Service Offerings
- 25.10.3. Key News
25.11. EVEO
- 25.11.1. Business Overview
- 25.11.2. Service Offerings
- 25.11.3. Key News
25.12. EQUINIX
- 25.12.1. Business Overview
- 25.12.2. Service Offerings
- 25.12.3. Key News
25.13. GTD
- 25.13.1. Business Overview
- 25.13.2. Service Offerings
- 25.13.3. Key News
25.14. HOSTDIME
- 25.14.1. Business Overview
- 25.14.2. Service Offerings
25.15. IPXON NETWORKS
- 25.15.1. Business Overview
- 25.15.2. Service Offerings
25.16. INTERNEXA
- 25.16.1. Business Overview
- 25.16.2. Service Offerings
25.17. KIO NETWORKS
- 25.17.1. Business Overview
- 25.17.2. Service Offerings
- 25.17.3. Key News
25.18. MEXICO TELECOM PARTNERS
- 25.18.1. Business Overview
- 25.18.2. Service Offerings
- 25.18.3. Key News
25.19. MILLICOM (TIGO PANAMA)
- 25.19.1. Business Overview
- 25.19.2. Service Offerings
25.20. OXYGEN
- 25.20.1. Business Overview
- 25.20.2. Service Offerings
25.21. ONEX
- 25.21.1. Business Overview
- 25.21.2. Service Offerings
25.22. ODATA (ALIGNED DATA CENTERS)
- 25.22.1. Business Overview
- 25.22.2. Service Offerings
- 25.22.3. Key News
25.23. SCALA DATA CENTERS
- 25.23.1. Business Overview
- 25.23.2. Service Offerings
- 25.23.3. Key News
25.24. SONDA
- 25.24.1. Business Overview
- 25.24.2. Service Offerings
25.25. TELECOM ITALIA SPARKLE
- 25.25.1. Business Overview
- 25.25.2. Service Offerings
- 25.25.3. Key News
25.26. V.TAL
- 25.26.1. Business Overview
- 25.26.2. Service Offerings
- 25.26.3. Key News
25.27. WIN EMPRESAS
- 25.27.1. Business Overview
- 25.27.2. Service Offerings
- 25.27.3. Key News

26. NEW ENTRANTS

26.1. ADA INFRASTRUCTURE
- 26.1.1. Business Overview
- 26.1.2. Service Offerings
26.2. CLOUDHQ
- 26.2.1. Business Overview
- 26.2.2. Service Offerings
- 26.2.3. Key News
26.3. DHAMERICAS
- 26.3.1. Business Overview
- 26.3.2. Service Offerings
26.4. LAYER 9 DATA CENTERS
- 26.4.1. Business Overview
- 26.4.2. Service Offerings
26.5. SURFIX DATA CENTER
- 26.5.1. Business Overview
- 26.5.2. Service Offerings

27. QUANTITATIVE SUMMARY

27.1. LATIN AMERICA DATA CENTER COLOCATION MARKET
- 27.1.1. Investment: Market Size & Forecast
- 27.1.2. Infrastructure: Market Size & Forecast
27.2. MARKET SEGMENTATION
- 27.2.1. Colocation Service Type: Market Size & Forecast
- 27.2.2. Electrical Infrastructure: Market Size & Forecast
- 27.2.3. Mechanical Infrastructure: Market Size & Forecast
- 27.2.4. Cooling Systems: Market Size & Forecast
- 27.2.5. Cooling Technique: Market Size & Forecast
- 27.2.6. General Construction: Market Size & Forecast
- 27.2.7. Tier Standards: Market Size & Forecast
27.3. GEOGRAPHY: MARKET SIZE & FORECAST
- 27.3.1. Investment: Market Size & Forecast
- 27.3.2. Area: Market Size & Forecast
- 27.3.3. Power Capacity: Market Size & Forecast
- 27.3.4. Revenue: Market Size & Forecast
27.4. BRAZIL
- 27.4.1. Investment: Market Size & Forecast
- 27.4.2. Infrastructure: Market Size & Forecast
- 27.4.3. Colocation Service Type: Market Size & Forecast
27.5. MEXICO
- 27.5.1. Investment: Market Size & Forecast
- 27.5.2. Infrastructure: Market Size & Forecast
- 27.5.3. Colocation Service Type: Market Size & Forecast
27.6. CHILE
- 27.6.1. Investment: Market Size & Forecast
- 27.6.2. Infrastructure: Market Size & Forecast
- 27.6.3. Colocation Service Type: Market Size & Forecast
27.7. COLOMBIA
- 27.7.1. Investment: Market Size & Forecast
- 27.7.2. Infrastructure: Market Size & Forecast
- 27.7.3. Colocation Service Type: Market Size & Forecast
27.8. REST OF LATIN AMERICA
- 27.8.1. Investment: Market Size & Forecast
- 27.8.2. Infrastructure: Market Size & Forecast
- 27.8.3. Colocation Service Type: Market Size & Forecast

28. APPENDIX

28.1. LIST OF ABBREVIATIONS
28.2. SITE SELECTION CRITERIA
28.3. CURRENCY CONVERSION