Argentina mobile operator nabs World Bank loan to expand 4G network

BUENOS AIRES, Oct 6 (Reuters) - Argentine mobile phone operator Telecom Personal signed an agreement for a $400 million loan from the World Bank’s private sector investment arm to expand its 4G network, the company said in a securities filing on Thursday.

The loan from the International Finance Corp is for six years and comes as telecommunications companies invest in Argentina in preparation for reforms expected to make the market more competitive.

Telecom Personal is part of Telecom Argentina, which is controlled by investment group Fintech with a 68 percent stake.

Fintech is owned by David Martinez, a Mexican financier. The fund said in July it would invest some $2.6 billion in Argentina through 2018. (Reporting by Walter Bianchi; Writing by Caroline Stauffer; Editing by Jeffrey Benkoe)