Telefonica to invest ARS4.5bn in Argentina

Spanish telecoms giant Telefonica said it plans to invest ARS4.5 billion (USD983 million) in it Argentine unit this year to boost its network and launch new digital services. ‘This investment aims to contribute to the growth of distinct sectors of the economy, given that communications is a key to the country’s competitiveness,’ Dow Jones cites Telefonica president Luis Blasco Bosqued as saying in a statement. The funds will be spent on the expansion of its Movistar-branded mobile network, increasing capacity of its fixed broadband infrastructure, the roll out of its fibre-optic network to corporate and business customers and the launch of new digital services. Telefonica will install more than 1,000 new radio bases around the country and improve its offer of pre-paid services. Moreover, the firm expects to reach five million fixed broadband, mobile internet and data transmission subscribers by the end of the year.