MTelekom takes on 200 mln euro EIB loan to develop network
BUDAPEST Dec 13 (Reuters) - Magyar Telekom is taking out a five-year loan worth 200 million euros from the European Investment Bank (EIB) to finance fixed-line and mobile network development projects, the company said in a statement on Friday.
Magyar Telekom said it would secure the loan, denominated in Hungarian forints, through its majority owner, Deutsche Telekom , which is acting as a financial intermediary in the transaction.
"The purpose of the loan is the modernisation and further development of Magyar Telekom's telecommunications networks, which will contribute to a significant expansion in the availability of developed fixed-line and mobile broadband infrastructure," it said in a statement.
The company said it would implement the projects financed with the loan in a three-year period through 2016. (Reporting by Gergely Szakacs)
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