BSTDB LOAN SUPPORTS AN UKRAINIAN MOBILE OPERATOR
Press Release | 26-Sep-2006
BSTDB has provided USD 23 million to Ukrainian mobile operator LLC Astelit. The proceeds of the loan will be mainly utilized to finance the roll-out of the LLC Astelit’s GSM network in Ukraine. The maturity of the loan is 7 years.
The project with a total cost of about USD 485 million is also financed by the sponsors of the company - Turkcell, a leading mobile communications company of Türkiye and JSC System Capital Management, an industrial conglomerate operating in Ukraine, as well as by reputable international commercial banks. Swedish and Finnish export credit agencies participate in the financing of the operation.
The project has high economic development impact as it supports evolving a high-quality mobile telecoms network infrastructure in Ukraine and aims at developing an efficient, competitive and quality driven services provider. The operation facilitates the mobilisation of solid funding outside of the Black Sea region and exploits further the co-financing opportunities between BSTDB and international commercial banks and export credit agencies. The project promotes regional cooperation as it supports the investments of both Turkish and Ukrainian companies in the roll-out of the advanced mobile telecommunication network in Ukraine.
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LLC Astelit, a private Ukrainian company is the third largest national mobile operator with about 3,9 million subscribers. The Company has ambitious growth plans, while developing technologically advanced mobile communication network.
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. USD 1,45 billion), the Bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects in the public and private sectors in its member countries. BSTDB is rated Long Term Baa2 and Short Term P2 by Moody’s.