Last Updated August 23, 2010
Germany’s development bank DEG is funding a long-term US$30mn loan to Russian telecoms company Wintergate Holdings.
DEG, part of the KfW group, is providing the financing for Wintergate’s acquisition and expansion into the CIS region.
Philipp Kreutz, member of DEG’s board of management, comments on how the transaction will benefit Russia: “Our commitment will enable Wintergate to expand its broadband offer and thereby considerably improve the information and communications opportunities in Russia.”
In the EU, 78 out of 100 people have a direct telecoms line, but in Russia the number is drastically less at 31 out of 100.
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