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Finance

Movistar to invest $500 million in Venezuela to boost cell service

Published by Global Banking and Finance Review

Posted on February 4, 2025

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CARACAS (Reuters) - Telecoms company Movistar will invest $500 million in Venezuela over two years, Movistar Venezuela president Jose Luis Rodriguez said in an interview with Venezuela's telecommunications regulator published on Tuesday.

Movistar, a subsidiary of Spain's Telefonica, will make a $250 million investment in each of the next two years to expand 4G and 5G service, Rodriguez said.

"We have to strive to improve all our smart platforms, which we have been doing for some time now," the executive said. "Technology is advancing much faster than we might assume and we have to be very up to speed."

Movistar has 8.8 million users in Venezuela, according to official data, which represents approximately 42% of the country's mobile phone market.

Many companies have held off investments amid Venezuela's economic collapse in recent years, but relaxed regulations and an informal dollarization beginning in 2019 have created room for greater investment.

(Reporting by Vivian Sequera y Mayela Armas.)