HSBC has signed a US$24m medium-term facility to finance telecommunications equipment and systems supplied by Nokia Siemens Networks (NSN), a telecommunications equipment supplier, to Asiacell, a mobile operator in Iraq.
The equipment and services supported by this financing will allow Asiacell to continue to upgrade the quality of services it provides to customers across Iraq, as well as accommodate ongoing growth in subscriber numbers to the Asiacell network.
NSN entered into a framework contract with Asiacell in 2008 and has since been one of the leading suppliers of telecommunications equipment and systems to Asiacell. NSNsolutions, financed through the credit facility, will be used to expand and upgrade Asiacell’s network in several different areas of Iraq.
This medium-term financing is insured by the German government’s Export Credit Agency (ECA) Euler Hermes Kreditversicherungs. Dr Christiane Schloderer, structured finance of NSN Middle East, said: “We are proud to have been one of the leading suppliers to Asiacell since 2008. The ECA-supported financing demonstrates our ability to provide innovative financing solutions to our customers throughout the region. This ECA-backed facility is the first of its kind in Iraq in many years now. We are pleased to have worked with Asiacell and HSBC in implementing this financing and also grateful for the support provided by Euler Hermes Kreditversicherungs.”
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