Fox News | March 24, 2011

Brasilia –  Spanish telecom giant Telefonica plans to invest 24.3 billion reais (some $14.7 billion) in Brazil between 2011 and 2014, CEO Cesar Alierta told Brazilian President Dilma Rousseff.

That amount represents a 52 percent increase over the previous four years, the company said Wednesday in a statement.

The funds will be used to modernize and expand the company’s telecom network and launch products and services in the fixed and mobile telephony, mobile and fixed broadband and cable television segments, as well as acquire operating licenses.

Alierta, who was received here Wednesday by Rousseff at the Planalto presidential palace, also announced that a new innovation center will be established in Sao Paulo – Telefonica’s first outside Spain – to develop technological solutions for video and fiber-optic platforms.

“We are investing heavily in expanding our services and networks with the aim of covering close to 100 percent of Brazil’s municipalities with our telephone and broadband internet, both fixed and mobile,” Alierta was quoted as saying in the statement.

Telefonica has invested a total of 57.4 billion reais (some $34.6 billion at the current exchange rate) in Brazil since launching operations there in 1998.

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