Eurasian Development Bank (EDB) and Russian Towers signed a 10-year, $5.2 million loan facility agreement on Monday that will be used to develop the company’s telecommunications infrastructure throughout Russia.
The loan will also help finance the construction and upgrade of antenna masts and towers, with the cost being shared by mobile network operators.
“This project will make it possible for operators to lower their costs, decrease the time for establishing telecommunications infrastructure and optimize their operations,” EDB Deputy Chairman of the Management Board Gennady Zhuzhlev said.
EDB expects the project will contribute to the improvement of competition and quality in the mobile services market in Russia.
“The bank’s trust in our company confirms the effectiveness of our work and the prospects for Russian Towers,” Russian Towers General Director Dmitry Nelyubov said. “This finance will help to advance quality and high-tech infrastructure in the telecommunications market.”