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 Wednesday, May 26, 2010

Vietnam’s largest mobile network operator, Viettel and World Bank’s IFC have signed a public-private partnership under which the operator will upgrade Haiti’s fixed line network in the country’s largest foreign direct investment after the earthquake.

US$59 million will be invested initially and upgrade services offered by fixed line operator Télécommunications d’Haiti (Teleco) and later an investment of an additional US$40 million over four years. A new company will be created for this purpose in which Viettel will hold a 60 percent stake and Banque de la République d’Haiti (BRH), Teleco and their affiliates will control the remaining 40 percent.

Haitian government had IFC as an advisor while structuring the international bidding process for the partnership since June 2007. According to Lars Thunell, IFC Executive Vice President and CEO, agreement reflects the extraordinary commitment of the Government of Haiti and Viettel to ensuring a safer and more sustainable future for the Haitian people and Economic growth is easier to achieve when people have the basic tools they need to communicate and connect with the world.

Source: Wireless Federation