Telefónica has received a US$75m loan from the International Finance Corporation (IFC), part of the World Bank Group, to make the second of three payments to the Ecuadorian state for 4G LTE spectrum secured last year.
Telefónica (BME:TEF) has received a US$75m loan from the International Finance Corporation (IFC), part of the World Bank Group, to make the second of three payments to the Ecuadorian state for 4G LTE spectrum secured last year.
The last payment is expected to be made at the end of 2016.
Telefónica said in a statement that the funding will enable it to expand its mobile broadband services in Ecuador, including in areas that traditionally have had little access to such services.
“This new investment by IFC is part of our commitment to the sustainable development of Ecuador and is intended to boost a sector that is fundamental for the country’s economy,” stated Carlos Leiria Pinto, head of IFC for the Andean Region.
IFC said it has made investments in Ecuador worth a total US$540m since 1956.
Telefónica Ecuador, which operates as Movistar, agreed to spend US$150m for 50 MHz spectrum last year, while rival América Móvil‘s Claro spent US$180m for 60 MHz spectrum.