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|Date:||2 April 2007|
The EBRD is strengthening competition on the Moldovan communications market with a combined equity and loan finance package to private cable TV and internet operator SUN Communications SRL.
The funds will support SUN to continue its ongoing acquisition and modernisation programme in the capital city Chisinau and its expansion in other main cities in the country. Modernization will include upgrading the cable TV networks and extending the transmission infrastructure. SUN also plans to expand its coverage through acquisition and modernisation of smaller cable providers.
The Moldovan communications market is growing rapidly and is largely dominated by state-owned Moldtelecom. SUN, set up in 1994, has established itself as the biggest privately owned fixed line competitor with more than 72,000 cable TV subscribers. The company is especially strong in the capital Chisinau, but plans to extend its services to the country’s ten largest municipalities.
Michelle Senecal De Fonseca, EBRD Director of Telecommunications, said the Bank’s investment provided an excellent opportunity to support a successful private enterprise. It is expected to have significant impact through increased competition which will offer Moldovan customers greater choice at fair prices.
John Maxemchuk, General Director of SUN Communications, added that this partnership reflects the company’s long term commitment to developing its presence in the Moldovan market. Providing modern telecommunication services requires continued investment in network infrastructure and technology with a broader population coverage than SUN can offer today. This investment will allow SUN to grow and compete on a national level with a package of services suitable for the 21st century.
To-date the EBRD has signed around 30 projects in Moldova, investing more than $200 million and mobilising another $125 million from its partners. Enhancing competition and supporting economic diversification with a special focus on regional development are among the Bank’s priorities in its strategy for the country.
Last updated 2 April 2007
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