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Wataniya Mobile attains a joint loan of $85 million

2009-02-05
Wataniya Mobile- the second cellular operator in Palestine-announced that it has obtained additional funding valued at $85 million to support and build the next phase of the mobile communication network.
The company said in a statement yesterday, that international funding is the first of its kind as its is granted from a distinct group from international and local Palestinian banks and from international financial institutions to build a modern mobile communications network in Palestine, and the credit agreement is the first of its kind in the area of financial support for the purposes of development in the Palestinian Territory by the local and international sources in particular.
The statement noted that the agreement on the joint and secured loan that is $ 85 million dollars was between the Palestinian National Telecommunications and a group of lenders: the Bank of Palestine, and the Quds Bank, the Palestinian Commercial Bank, Ericsson Credit AB, and International Finance Corporation, and Standard Bank. The two companies Swedish Export Credit Guarantor Board and Grant Co that are specialized in securing financing for infrastructure in low-income countries; are common the guarantors of the loan, and the Standard Bank plays the role of global coordinator of the loan.
The signatories said that the loan reflects international confidence in the possibilities of growth and development in Palestine, also reflects the ability of lenders to support local initiatives of this type and size. The loan will allow the Palestinian national communications network to build a modern mobile phone calls that will provide a distinctive and high quality of the Palestinian society, and supply services to isolated terretories.The statement added: In addition , these investments will contribute to the development of Palestinian infrastructure in general. Using the Palestinian national communications for the equipment and expertise of Ericsson AB, will enable the company to provide world-class communications and a range of new services to customers.