BSTDB Joins Forces with EBRD to Support the Investment Program of Hellenic Telecommunications Organisation (ΟΤΕ) in Greece

Press Release | 13-Sep-2016

The Black Sea Trade and Development Bank (BSTDB) will provide EUR 50 million to the Hellenic Telecommunications Organisation S.A. (OTE), the leading telecoms provider in the Greek market and one of the largest in south-eastern Europe. The BSTDB financing comes as a parallel loan to a EUR 339 million syndicated loan provided by the European Bank for Reconstruction and Development (EBRD).

The funding will help to finance OTE Group’s strategic initiatives in Greece, including the development of Next Generation Access (NGA), the IP network transformation as well as the launch of new innovative products and services. This will benefit the Greek economy, financial markets and customers.

“Supporting economic recovery and growth in Greece in the current challenging economic environment is a top priority for BSTDB as a regional development bank. To this end, we are strengthening synergies with other development institutions, such as the EBRD, and with private investors. By financing OTE, one of the largest innovative companies and employers in Greece, we cast a vote of confidence for our host country’s economy and invest in its future” - said Ihsan Ugur Delikanli, BSTDB President.

OTE Group Chairman and CEO, Mr. Michael Tsamaz, commented: “OTE Group, by far the largest investor in NGAs in Greece, brings today the technologies and networks of the future. Despite the economic crisis, with our solid strategy and bold decisions, we have maintained intact our ability to invest the substantial amounts required for new networks. For the next four years, we are implementing an ambitious €1.3 bn investment plan. Our country needs networks and telecommunications of high standards to return to a growth track. Our cooperation with the EBRD and BSTDB highlights the developmental aspect of our investment plan while their presence in Greece can further ignite potential in other sectors of the economy.”

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OTE Group is the largest telecommunications provider in the Greek market, forms one of the leading telecommunication groups in south-eastern Europe. It is among the largest listed companies by capitalization in the Athens Stock Exchange. Deutsche Telekom holds 40% of OTE’s share capital and the Greek State holds 10%. OTE Group offers the full range of telecommunications services, including fixed-line and mobile telephony, broadband services, pay television and ICT solutions. Abroad, the Group operates in the telecommunications markets of Romania and Albania. OTE Group employs approximately 22,000 people in the three countries.

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 are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.

Press contact:

Haroula Christodoulou

Phone: +30 2310 290533

E-mail: cchristodoulou@bstdb.org