EBRD offers $100m for better internet in Georgia’s remote regions

One of Georgia’s leading telecommunication companies, MagtiCom, is expanding its broadband networks in Georgia’s remote regions thanks to a $100 million USD loan offered by the European Bank for Reconstruction and Development (EBRD).

The EBRD financing package will allow MagtiCom to acquire a fixed-line broadband internet network platform from Caucasus Online – one of the largest Georgian internet service providers – so it can expand its services to regions outside of Tbilisi.

Georgia is a growing economy where the rural areas need greater connectivity and this project is yet another example of the EBRD’s efforts to support economic inclusion in the country,” said Bruno Balvanera, EBRD Director for the Caucasus, Moldova and Belarus.

Investing in the knowledge economy is part of the EBRD’s efforts to foster innovation in Georgia. This investment will support the development of higher quality mobile networks, internet connectivity and TV platforms in the country’s more remote regions. This in turn will help boost the local economies and Georgia’s telecom sector as a whole,” he added.

Since launching in 1997, MagtiCom has developed its services and introduced all stages of mobile evolution, from 2G, 3G, 4G and 4.5G networks, along with fixed telephone lines and satellite television.