Brazil’s national development bank BNDES has approved a BRL1.5 billion (USD772 million) loan for the countryâ€™s largest mobile operator Vivo, writes BNamericas. The loan will be used to allow the cellco to complete its GSM overlay project, as well as for other general network improvements. Vivo, a joint venture between Spain’s TelefÃ³nica and Portugal Telecom (PT), is active in 19 out of the countryâ€™s 27 concession areas. Last year it invested more than BRL2.1 billion in its networks, more than half of which was set aside for installing a GSM overlay on its CDMA network. To date, Vivo has implemented GSM in 2,295 municipalities. The loan will also help facilitate the migration of services to 3G, it said in a statement.