Brazilian telco and ISP, Global Village Telecom (GVT), is set to receive R$1.18bn (US$656m) in financing from the state-owned National Bank of Development (BNDES).
BNDES said it had approved the financing, which is intended to assist GVT’s 2011-2013…
Brazilian telco and ISP, Global Village Telecom (GVT), is set to receive R$1.18bn (US$656m) in financing from the state-owned National Bank of Development (BNDES).
BNDES said it had approved the financing, which is intended to assist GVT’s 2011-2013 investment plan.
According to BNDES the investment will support GVT expanding into new cities and business areas, as well as offering pay TV services and innovating in the areas of broadband internet and telephone services.
It added that a benefit of the plan will be increased competition in the broadband and fixed-line telephone markets in the locations where GVT operates.
GVT is a subsidiary of French media/telecoms group Vivendi.
In September, BNDES agreed to provide R$3bn in financing to mobile operator Vivo, the Telefonica subsidiary.