Telefonica Colombia seeks a US$ 158.41million loan (Colombia)Telefonica Colombia, a unit of the Spain’s telecom giant Telefonica has asked for a loan of US$€100 million from the European Investment Bank (EIB) for the expansion of it’s mobile network, a Dow Jones report says.Telefonica is the second-biggest operator in Colombia with 8.75 million lines at the end of the first quarter of the year.
The report adds, Telefonica Moviles Colombia SA, the local mobile phone unit of Telefonica, would use the proceeds of the loan to finance the expansion of its GSM, or global system for mobile communications, network and to implement the third generation (3G) cellphone Universal Mobile Telecommunications System technology in Colombia.
According to Telefonica Moviles, The loan will finance parts of the company’s needs in 2008 and 2009.
Telefonica Moviles Colombia in 2006 borrowed €100 million from the EIB to expand its network.
