Vivo secures USD772m loan from the BNDES for GSM overlay

Brazil’s national development bank BNDES has approved a BRL1.5 billion (USD772 million) loan for the country’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 Telefónica and Portugal Telecom (PT), is active in 19 out of the country’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.