The Greek-backed Macedonian wireless broadband start-up Cosmotelco has announced ambitious plans to pour EUR500 million (USD691 million) into the rollout of WiMAX services in the FYROM. Cosmotelco supremo Dimitrios Contominas announced the investment yesterday, at a press conference staged shortly after the Macedonian Electronic Communications Agency approved the company’s WiMAX licence. Contominas went on to say that the EUR500 million investment would be augmented with additional funding at a later date. Cosmotelco has already registered a daughter-company in Skopje under the name Association for Telecommunication Services (Americom) to oversee the operation. Contominas hopes to launch commercial operations in early 2008.