Telefónica to continue with US$1.5bn planned investment amid market uncertainty

- Friday, June 10, 2011

Telefónica to continue with US$1.5bn planned investment amid market uncertainty

The Peruvian unit of Spanish telco Telefónica (NYSE: TEF) will continue its US$1.5bn investment plan for 2010-13 to expand infrastructure and increase broadband penetration, said Javier Manzanares, president of Telefónica Peru.

"We'll continue with our expansion plan to connect more Peruvians every day, as telecommunications are a fundamental part of social inclusion," he said, according to state news service Andina.

At the same time, Telefónica plans to inaugurate the first stretch of the Los Andes fiber optic project, connecting the main cities in Peru's Sierra and central-eastern regions, Manzanares added.

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The state news service did not mention Ollanta Humala's election as president, and the resulting overall uncertainty in the market that has many companies holding off on further investment in the country.