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Black Sea Trade & Development Bank (BSTDB) will provide a US$10mn loan to Teleset, a private fixed-line telecom operator in Kazan, (Republic of Tatarstan, Russia) with Cyprus-based shareholders which represent financially solid companies with proved track record in diverse spectrum of activities including information technology services, namely Francoudri & Stephanou Group, Alpha Copy (Nokia Greece) and Manglis Group.

The proceeds of the loan will be used to finance the company’s fixed line network expansion plan, which includes the construction of intra-city and inter-city fibre optic network and internet infrastructure. The maturity of the loan is up to seven years.

This operation is expected to contribute to reducing the historically long waiting list of subscribers for fixed-line telephonic services in Volga Region of Russia, to meet demand for internet services with good quality of transmission and low cost. It is expected that at least 10,000 new subscribers per year will have access to Teleset’s telecom services.

“We are supporting Teleset as a very dynamic fixed-line telecom operator with promising business perspectives and we do believe that this operation would pave the way to a long-term cooperation with this fast-growing private Russian telecom company,” says Mustafa Grtin, BSTDB president.

“The financing will allow us to proceed further with our strategic objective of further expanding in Kazan and other regions of Russia near Kazan. Teleset will continue offering high quality services to its clients and will always try to be among the pioneers in the prime sector of Telecommunications in Russia,” adds Yiannis Demetriou, managing director of Teledev East Group of Companies.