Loan agreements have been signed between ProCredit Bank and SkyTel for the purpose of business development. The project is being implemented together with the European Bank for Reconstruction and Development (EBRD) and provides for the financing of the phased development of the company’s internet infrastructure.
SkyTel has been operating on the Georgian telecommunications market since 2010, offering modern telecommunications solutions and internet services to businesses, private individuals and the public sector. The company’s service operates throughout Georgia, and the new investment will enable the company to strengthen its position on the Georgian telecommunications market and offer customers even wider coverage.
“Our strategy has not changed. We continue to build telecommunications infrastructure across the whole country, including the regions that still have no internet at all. Internet access, and the investment that makes it possible, is one of the fundamentals for society, for business and for the state, exactly as any other critical infrastructure is. This investment is therefore another large-scale step towards connecting the entire country. I am grateful to ProCredit Bank for its support. Working with the EBRD gives us more than access to investment resources: it confirms that the way SkyTel operates is fully aligned with international standards of corporate governance and financial transparency” – Arman Obosyan, CEO of SkyTel.
“For ProCredit Bank it is important to support projects that contribute to the long-term development of a business. SkyTel has been our partner for more than 15 years, and over this period we have financed a number of the company’s significant development projects. The new investment is another stage of this successful cooperation, which will give SkyTel the opportunity to implement its development plans and expand its operations.” – Zeinab Lomashvili, Director of ProCredit Bank Georgia.
“The EBRD continues to support projects in Georgia that contribute to increasing the competitiveness of the private sector and to the sustainable development of the economy. The development of high-speed internet infrastructure in Georgia’s regions creates significant social and economic benefits, reduces digital inequality and strengthens the competitiveness of the regions. The expansion of SkyTel’s network will significantly improve access to high-speed internet in the regions, which will facilitate more active participation of the population and businesses in the digital economy.” – Alkis Vryenios Drakinos, Director, Regional Head of the Caucasus, EBRD.
S
