Spanish telecom company Telefónica has said that it will invest more than R$24.3bn ($14.6bn) in Brazil by 2014.
The company’s CEO Cesar Alierta unveiled the four-year investment plan for its Brazilian operations to Brazilian President Dilma Rousseff.
The investment marks a 52% jump than in the previous four-year cycle.
After a meeting in Brasília with Brazil’s new president, Alierta said that the funds will be used to modernise and expand Telefónica’s existing telecoms network, as well as to provide new fixed line, mobile phone and cable television services. The investment will also cover spending on operating licences.
Alierta said, "We are investing heavily in expanding our services and networks with the aim of covering close to 100% of Brazil’s municipalities with our telephone and broadband Internet, both fixed and mobile."
Telefónica said the company aims to bring the most modern networks to Brazil.
Alierta said, "Our objective is to have the most modern networks in Brazil and to be pioneers in introducing new technologies to the country."