Ola bags Chinese equipment loan

Chinese equipment manufacturer Huawei Technologies has been authorized by Colombia’s finance ministry to give wireless operator Colombia Movil (Ola) a loan of up to USD9.9 million. The loan will be used to acquire the equipment Ola requires to continue its investment plans in 2006. Ola’s co-owners, Colombian municipal telco ETB and municipal multi-utility EPM, are currently looking for a strategic partner to inject fresh capital and technology into Ola, as well as to run the company. They have invited seven telecoms operators, one telecoms service firm and nine investment banks to participate in the process.