America Movil announces US $500 million investment in Ecuador for the next three years

Mexico’s América Móvil will invest about US $500 million over the next three years in Ecuador to develop broader services and is interested in acquiring new frequencies that the Andean country will tender in November, company director Daniel Hajj said on Tuesday.

The investment will point to greater service coverage and technological updates. América Móvil, which operates in Ecuador under the name of Claro, who expects to end the year with 85% coverage using 4G technology and will begin testing for 5G coverage in two main cities of the Andean country.

“We are interested as a company to buy those frequencies and above all we announce an investment commitment of about US $ 500 million for the next three years,” Hajj added, after a private meeting with Ecuadorian President Lenin Moreno in Quito.

Ecuador plans to tender three new bands of its radio spectrum in November this year and August 2020, to expand the coverage of the mobile phone service and internet access. The investment expected by the new bands would amount to about US $700 million, according to Telecommunications Minister Andrés Michelena.

The government presented a program last month with which it seeks to achieve 98% connectivity, improve access and lower service rates.

América Móvil signed a concession with Ecuador in 2008 to operate in its mobile phone market until 2023, with new economic guidelines and improvements for users in addition to US $200 million annual investment plans in the first years.

Sign Up for Our Newsletters

You May Also Like

Aramco once again boasts the most profitable company in the world

Saudi Aramco earned US $68 billion in the first nine months of…

Large oil companies will compete in Brazil for participation in offshore blocks

Oil executives have met in Rio de Janeiro on Thursday to compete…

The legendary Sony Walkman returns

The Walkman could be one of those consumer items that defined an…