The European Bank for Reconstruction and Development (EBRD) is providing a loan of up to US$ 50 million to Aztelekom to finance the rollout of state-of-the-art broadband infrastructure in the regions of Azerbaijan. The company’s planned network expansion will improve speed, capacity and bandwidth, bridging the digital divide between the capital and rural areas for more than 280,000 households.
The financing will be the first EBRD transaction in the sector and be supported by a guarantee through the European Fund for Sustainable Development Plus (EFSD+).
The loan is being provided as part of the European Union’s Economic and Investment Plan for the Eastern Partnership, which – complemented by support for reforms and good governance – aims to deliver tangible benefits to citizens by generating jobs and economic investment across the region.
“This investment shows how the Economic and Investment Plan is delivering concrete results that improve the living standards of people. By guaranteeing this investment, we are supporting Azerbaijan in developing modern and sustainable connectivity and addressing the urban-rural digital divide,” said Lawrence Meredith, Director of the EU’s Eastern Neighbourhood and Institution Building at the European Commission.
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