Telefonica Ecuador gets USD75m World Bank funding to continue 4G expansion

3 Mar 2016

Telefonica’s Ecuadorian unit, Movistar Ecuador, has brokered a USD75 million loan with the International Finance Corporation (IFC, part of the World Bank) to fund the second of three 4G spectrum licence fee instalments and to continue expanding mobile broadband services. Jose Manuel Casas, CEO of Telefonica Ecuador, said: ‘Otecel [the cellco’s registered company name in Ecuador] thanks IFC for the confidence that it has shown and which allows it to meet its obligations to the state with respect to the 4G LTE spectrum concession.’ The last spectrum payment is due near the end of 2016.

Ecuador, Movistar Ecuador (Otecel)