MTS, Russia’s largest mobile operator, today announced the signing of a $300 million credit agreement with the New Development Bank (NDB) set up by the BRICS group of countries for the development of digital infrastructure.
The agreement provides for a credit line to be extended to MTS for 7 years that can be drawn down in either US dollars, euros, or Chinese yuan.
MTS said it intends to use the raised funds in further developing the company’s digital infrastructure, in particular including by expanding mobile network coverage in rural areas as well as investing in cloud computing capabilities.
MTS CEO Alexey Kornya said: “The funds secured under this special-purpose loan will help us expand connectivity in rural towns and remote regions, improving access to digital services for both residents and businesses.”
Marcos Troyjo, president of the NDB, said: “Expanding the non-sovereign portfolio, complexity and outreach of operations are priorities for us. Our new loan agreement is the first digital infrastructure project supported by the NDB, and it represents a new stage in the diversification of its operations.”