EBRD will give Kazakhtelecom a loan for $110 mn in October of 2003

/REUTERS, Almaty, Olzhas Aueyzov, September 25, 03/ - European Bank for Reconstruction and Development [EBRD.UL] in cooperation with foreign commercial banks will give to kazakhstani operator of telephone communications Kazakhtelecom a credit for $110 mn, bank informed on Thursday. "An agreement will be signed very soon, within one-two weeks", EBRD representative said to REUTERS. According to conditions of an agreement, EBRD is to provide a loan for Kazakhtelecom in amount of $60 mn, whereas syndicate of banks will lent - additional $50 mn. EBRD has not informed about the term and interest rate of a loan. Kazakhtelecom that reserves a monopoly right for providing with international communications in Kazakhstan, plans to use the loan proceeds to refinance its existing obligations as well as to modernize and expand its telephone network. Government posses 50% of Kazakhtelecom shares, shareholders of the largest in the country Kazkommertsbank have 30.05%, the Bank of New York - 6.73%. [2003-09-25]