AKIPRESS.COM - Eurasian Development Bank (EDB) opened a loan facility for Transtelecom, one of Kazakhstan's leading telecommunications operators, the Bank said in a release.

The loan agreement for a total of KZT 4 billion was signed on 28 October 2016 by Maxim Korzhov, Deputy Chairman of the Management Board at EDB, and Saule Mukusheva, Vice President for Economics, Procurement and Commerce at Transtelecom.

The funds will be used to finance Transtelecom's day-to-day operations, allowing it to provide data transmission services to the member companies of the Kazakhstan Temir Zholy Group and launch a number of new projects, including the setup of IT infrastructure at Astana EXPO 2017 facilities and the development of IP/MPLS internal transport network.

The transaction continues the Bank's successful cooperation with Transtelecom, which has also been running since 2012 a large EDB-funded project to set up an automated control system to account for energy consumption by railway rolling stock.

Cooperation between EDB and Transtelecom makes it possible for the company to expand the range of its services, as well as the scale and profitability of its operations, thereby promoting the advancement of Kazakhstan's economy.