PRISTINA (Kosovo), September 20 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) said on Thursday it is extending the first tranche of a 12 million euro ($14 million) loan to finance the expansion plan of Kosovo telecommunications firm Kujtesa.
“The effect of the financing should encourage competition in the telecoms sector by financing the expansion of a credible challenger to the country’s biggest companies,” the EBRD said in a press release.
“After reaching agreement on 30 August, the EBRD made the first loan payment today.”
Founded in 1995, Kujtesa provides high-speed broadband Internet, residential cable market and other Internet services in a sector with many small participants, EBRD noted.
Broadband growth potential in Kosovo is high, and the company’s competitive advantages, including the exclusive content it offers and a strong track record in acquisitions, position it well to capture this growth, the bank explained.
To date, the EBRD has invested 327 million euro in 57 projects in Kosovo.
($ = 0.85626 euro)