More than ninety developing economiesopened their telecommunications sector to privateparticipation between 1990 and 1998. These countriestransferred to the private sector the operating orconstruction risk, or both, of more than 500 projects,attracting investment commitments of US$214 billion.Two-thirds of that amount has been invested in expanding andmodernizing networks; the other third has gone togovernments as divestiture revenues or license fees. Theinvestment shows three main trends: Latin America is in thelead. Private participation takes place in increasinglycompetitive market structures. And divestitures andgreenfield projects outnumber operations and management contracts.