Movilnet unveils USD220 million investment plan

17 Feb 2005

CANTV mobile unit Movilnet plans to increase its investment to around USD220 million in 2005 to expand and improve services. The sum marks a considerable increase on the USD160 million – USD180 million spent last year and forms part of a wider plan to commit USD800 million on its network between 2005/09. Movilnet currently has around 3.1 million mobile users and hopes to increase this to around 3.56 million by the end of the year. The company hopes to benefit from a recent upturn in Venezuela’s economic fortunes: it has recovered quickly following a recession in 2002 and expects to see its economy growing by 5% in the current year.

Venezuela, Movilnet