Turkcell on Tuesday announced that it has agreed loans worth hundreds of millions of euros with China Development Bank to help it finance network infrastructure purchases and refinance existing facilities.
The Turkish mobile operator has set up a €500 million loan with a two-year availability period for refinancing existing loans.
It has also agreed financing of up to €750 million, with three years availability, "to finance [the] group’s procurements from China in relation to infrastructure investments," it said in a statement.
In brokering the deal with China Development Bank, Turkcell is following in the footsteps of some of its Russian peers.
Earlier this month Rostelecom and MegaFon separately brokered €600 million loans with the bank to refinance debt and fund network expansion projects. Both said the financing would help them to procure network equipment from Huaw ei.
Turkcell made no comment on the infrastructure suppliers it will use.
