July 14 Representatives of the European Bank for Reconstruction and Development reported their intentions to issue a loan of the leading telecommunications company Georgia "Magticom".
The loan amount is 100 million dollars. It is assumed that these funds will be aimed at improving and expanding broadband in the regions of Georgia.
EBRD financing package will allow Magticom to purchase a fixed broadband network "Caucasus Online" in order to further expand telecommunications outside Tbilisi. Thus, "Magticom" will be able to offer its consumers a higher Internet speed across the country. In addition, according to representatives of the EBRD, a loan for "Magticom" will increase competition in the telecommunications market of Georgia by stimulating other operators to improve the quality of the services provided.
It is worth noting that the help of innovative companies in the private sector is part of the EBRD strategy increase the growth rate of Georgia's economy in economic integration.
Georgia is a developing country where rural areas need better communications, and this project will become another example of EBRD efforts to support economic integration in the country ", - noted Director of the EBRD in the Caucasus, Moldova and Belarus Bruno Balvanner. According to him, the Bank's investment in this sector will contribute to the development of the telecommunications sphere of Georgia, which, in turn, will lead to an increase in the local economy.
Recall previously I wrote about investing the EBRD of the Georgian waste management system.
bbabo.Net