Loan will finance telecommunications equipment and systems
Iraqi mobile operator Asiacell has signed a $24m medium-term facility with UK bank HSBC to finance telecommunications equipment and systems supplied by vendor Nokia Siemens Networks (NSN).
Asiacell, which is part-owned by Qatar Telecom, is looking to introduce third-generation (3G) technology next year. The facility will be used towards upgrading its services.
The medium-term facility financing is insured by the German government’s export credit agency, Euler Hermes Kreditversicherungs.
“Iraq has a substantial infrastructure development requirement and ECA financing will be a very important part of the associated financing needs,” says Simon Lee, director of HSBC’s project and export finance team.
You might also like...
Ruwais LNG full EPC award expected in June
29 March 2024
PIF entity makes $1bn Lucid placement
29 March 2024
Petro Rabigh awards KBR maintenance contract
29 March 2024
Diriyah Company seeks firms for demolition work
29 March 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.