The European Bank for Reconstruction and Development (EBRD) has announced that it has supplied Turk Telekom (TT) with a loan worth EUR100 million (USD126.2 million) with a view to expanding the company’s broadband services in the eastern regions of Turkey. The EBRD’s financing will support the carrier’s plans to extend fixed broadband connectivity to all Turkish provinces by 2016. The loan will be used to finance the company’s network expansion in the regions of Adana, Diyarbakir, Erzurum, Kayseri, Samsun and Trabzon. The EBRD notes that there are currently ‘considerable discrepancies between the Istanbul area and the eastern regions’.
Mustafa Uysal, TT’s chief financial officer, commented: ‘Turk Telekom believes in the future of the country and that the Turkish economy will be ranked among the world’s top ten economies by 2023. Technology and innovation will be the main instruments to achieve this ambitious vision. Therefore, Turk Telekom, by carrying out its investment programme all throughout Turkey, assumes an important role in shaping Turkey’s future and makes it clear that it will be a leading contributor to and part of that future … We see the EBRD as a partner in this journey rather than just a lending institution and our investment has a value above a monetary contribution. EBRD vision overlaps with TT’s and we hope to continue this partnership in the long term’. Since the start of its involvement in Turkey, the EBRD says that it has committed close to EUR2 billion to various sectors of the country’s economy, mobilising additional investment of over EUR5 billion.