Russian Towers Secures RUB 2 Billion Credit Facility From Eurasian Development Bank
Under the agreement, Russian Towers will use the funds to finance the development of its telecommunications infrastructure throughout Russia. In particular, the Group will finance the construction and modernization of antenna-mast structures, designed for joint operation of mobile network operators. It is expected that the financing provided by the EDB will enable Russian Towers to increase its portfolio of facilities to two thousand sites by the end of 2016, up from one thousand sites as of the end of 2014.
EDB Deputy Chairman Gennady Zhuzhlev said: "This project will enable operators to reduce their financing costs and the time required to build telecommunications infrastructure, as well as to optimize their operations." According to the EDB estimates, the project will help to increase the level of competition and the quality of services in the mobile market of Russia.
Dmitry Nelyubov, General Director of Russian Towers, added: "We view the EDB's decision to fund our continued development as a strong endorsement of our business model and potential for further profitable growth.
"In spite of a challenging economic environment overall in Russia, our sector, in which we are the market leader, is growing with pace. The financing from the EDB will help us to capitalize further on this growth, as we continue to develop high-quality and high-tech infrastructure in Russia's telecommunications market."
Note to editors:
"RussianTowers" is the independent owner of antenna-mast structures on the territory of Russia. The company provides shared usage of telecommunications infrastructure: invests in its own construction of towers of various structures in the regions of Russia, and also acquires towers with their subsequent qualitative servicing. Founded in 2009 with the financial support of UFG Asset Management, the European Bank for Reconstruction and Development (EBRD), Macquarie Russia and CIS Infrastructure Fund, ADM Capital, Sumitomo Corporation and the International Finance Corporation (IFC).
Eurasian Development Bank (EDB) is an international financial institution established by Russia and Kazakhstan in January 2006 to promote the development of market economies of countries-participants, their sustainable economic growth and the expansion of trade and economic ties. The authorized capital of EDB exceeds 1.5 billion US dollars. States-members of the Bank are the Republic of Armenia, Belarus, Kazakhstan, Kyrgyz Republic, the Russian Federation and the Republic of Tajikistan. For more information about EDB go to the website http://www.eabr.org
Media contacts:
Russian Towers
Alexander Tsyplyakov, +7-495-967-3232
[email protected]
European Development Bank
Mikhail Mzareulov: +7-9032446025
