Telefonica SA (TEF) plans to invest 5 billion Brazilian reals ($2.77 billion) in Brazil this year in both fixed-line and mobile telecommunications, the company's Latin America head Jose Maria Alvarez Pallete said Wednesday.

In a meeting with journalists and business leaders, Pallete added that Telefonica had invested a total of EUR90 billion in all of Latin America since it began operations in the region in the 1990s.

Telefonica owns Brazilian fixed-line operator Telecomunicacoes de Sao Paulo (TLPP4.BR), or Telesp and shares control of mobile operator Vivo Participacoes SA (VIV) with Portugal Telecom (PT).

In 2009, Telefonica invested BRL3.4 billion in Brazil.

-By Jason Sinclair, Dow Jones Newswires, 34 913958127, jason.sinclair@dowjones.com
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