Brazil's Vivo Secures $1.7 Billion Loan to Fund Network Expansion
Published on: 21st Sep 2011
Note -- this news article is more than a year old.
Brazilian mobile network operator, Vivo has secured a 3 billion real (USD1.7 billion) loan from the state controlled national development bank, BNDES.
The loan will be used to fund the expansion of the 3G network as well as boosting capacity of both the GSM and 3G networks.
The coverage increase aims to expand mobile broadband services to over 85% of the population by the end of this year as well as upgrades to the backhaul network by 2013.
The investment program also includes the construction of a Center of Information Technology in Tamboré (SP), which will be occupied by Vivo and Telesp. The start-up is scheduled for the first half of 2012.
Vivo is a subsidiary of Spain's Telefonica.