Azercell signs new loan agreement

Azercell announced Wednesday of its signing a term-sheet, an agreement on the terms of a loan, valued at $100 million with the EBRD and the IFC. The loan will be used for the expansion of Azercell’s GSM network and to refinance existing debt. Re-payment of the loan will be completed in year 2007.

Azercell the leading GSM operator in Azerbaijan with approximately 400,000 postpaid and prepaid customers as end of year 2000.*