Argentine telecommunications regulator Enacom announced it would conduct a 5G auction on 24 October in a bid to raise around $1.1 billion for the cash-strapped government.

The regulator stated three operators have been approved to bid and are expected to participate in the sale, which covers the 3,300MHz to 3,600MHz bands.

A total of 300MHz will be available, divided into three lots of 100MHz each.

Enacom stated the deployment of 5G constituted a medium- and long-term state policy which required collaboration between the public and the private sectors for the renewal of network infrastructure across the country.

Reuters reported the spectrum auction is an attempt by the government to attract foreign currency in the face of an ongoing economic crisis, which included the devaluation of the peso and low reserves at its central bank.

Capacity Media previously reported Telecom Argentina, America Movil-owned Claro and Telefonica’s Movistar planned to participate.