Bulgaria’s Bulsatcom Secures EUR 20 M Loan from EBRD

Business | October 3, 2014, Friday // 10:32
Bulgaria: Bulgaria’s Bulsatcom Secures EUR 20 M Loan from EBRD Photo by ebrd.com

Bulgarian satellite TV operator Bulsatcom has received a EUR 20 M loan from the European Bank for Reconstruction and Development (EBRD).

The company has started building a 4G /LTE mobile broadband network in Bulgaria.

The funding will allow Bulsatcom to set foot on the local mobile communications market, which includes three mobile operators (Mtel, Globul, Vivacom) and mobile telecommunications company Max, formerly known as Max Telecom

The EBRD funding will make it possible for the company to invest in cutting-edge technology and offer its customers faster access to high-quality broadband services.

People living in rural and remote areas are likely to benefit the most from the wider availability of such services.

Bulgaria has one of the lowest broadband penetration rates in the EU, at 34%, with the percentage even lower in areas located far off from big cities.

“This funding will allow Bulsatcom to provide a better service portfolio to its customers and to adequately respond to the growing trend of cross-platform media consumption,” said Maxim Zayakov, CEO of the company, in a media statement.

The EBRD has invested a total of EUR 2.9 B in 227 projects in Bulgaria since entering the country in 1993, with 93% of the portfolio being in the private sector.

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Tags: EBRD, European Bank for Reconstruction and Development, Bulsatcom, broadband network, mobile operators
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