The European Bank for Reconstruction and Development (EBRD) is providing a $50mn loan to Turk Telekom Group to support investments in a new high-tech fibre-optic submarine communications cable system, the bank said on September 21.
Turk Telekom is building the new submarine cable system in a consortium with 17 other telecommunications operators. The $700mn network, dubbed SEA-ME-WE 5 (South-East Asia - Middle East - Western Europe 5), will be approximately 20,000 kilometres long and is expected to become operational in late 2016, connecting South-East Asia, the Indian subcontinent, the Middle East and Europe, the EBRD said.
The EBRD started investing in Turkey in 2009 and currently operates from offices in Istanbul, Ankara and Gaziantep. Some 98% of the bank’s investments in the country are in the private sector and about half of them are in projects that promote the sustainable use of energy.
To date, the EBRD has invested over €8bn in Turkey through some 200 projects in infrastructure, energy, agribusiness, industry and finance. It has also mobilised about €17bn for these ventures from other sources of financing.
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