BSTDB contributes to the development of the telecommunications sector in Türkiye

News | 19-Apr-2007

Thessaloniki, 19 April 2007

A nine-year loan of Eur 18 million from the Black Sea Trade and Development Bank (BSTDB) will help Türkiye’s mobile operator Avea expand its nationwide GSM-based network and supporting infrastructure.

With this loan, BSTDB is supporting the development of a high-quality telecom network in Türkiye with a focus on serving rural and other underserved areas. The operation has a high economic development impact and job creation potential, which is particularly important for the Bank.

By financing this project with a total cost of about US$1.5 billion, BSTDB facilitates the mobilization of solid funding outside of the Black Sea region and further exploits co-financing opportunities. The operation is co-financed by IFC and official development agencies - DEG (Germany), FMO (the Netherlands) and PROPARCO (France), as well as by a syndicate of international and Turkish commercial banks.

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Avea is the youngest and most innovative GSM operator of Türkiye with 8 million subscribers. The company is growing fast in both the corporate and individual services with the brand “Avea” and is investing constantly in technology and infrastructure as well as its management and employees. Avea has over 1.800 employees and roaming agreements with 369 operators in 165 countries. Avea prioritizes customer needs and renders innovative and quality services with the latest technology accompanied by its vision of being the leading company offering the customers the best quality services.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. With an authorized capital of SDR 1 billion (approx. US$ 1,45 billion), the Bank supports economic development and regional cooperation by providing by providing loans, credit lines, equity and guarantees for projects in the public and private sectors in its member countries. BSTDB is rated Long Term Baa1 and Short Term P2 by Moody’s.