EDB opens a KZT 4 billion loan facility for Transtelecom (Kazakhstan)
Almaty, 28 October 2016. Eurasian Development Bank (EDB) opened a loan facility for Transtelecom, one of Kazakhstan's leading telecommunications operators. The loan agreement for a total of KZT 4 billion was signed on 28 October 2016 by Maxim Korzhov, Deputy Chairman of the Management Board at EDB, and Saule Mukusheva, Vice President for Economics, Procurement and Commerce at Transtelecom.
The funds will be used to finance Transtelecom's day-to-day operations, allowing it to provide data transmission services to the member companies of the Kazakhstan Temir Zholy Group and launch a number of new projects, including the setup of IT infrastructure at Astana EXPO 2017 facilities and the development of IP/MPLS internal transport network.
The transaction continues the Bank's successful cooperation with Transtelecom, which has also been running since 2012 a large EDB-funded project to set up an automated control system to account for energy consumption by railway rolling stock.
Cooperation between EDB and Transtelecom makes it possible for the company to expand the range of its services, as well as the scale and profitability of its operations, thereby promoting the advancement of Kazakhstan's economy.
Additional Information
Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
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Transtelecom is one of Kazakhstan's leading telecommunications operators, providing long-distance and local telephone services, Internet access, and fibre optic communications. Being one of key operators, it provides services to private, corporate and state-owned companies.