Magyar Telekom awarded USD315m EIB loan for mobile broadband

Hungary’s dominant fixed line and mobile operator Magyar Telekom (MT) has secured a deal with the European Investment Bank (EIB) for a HUF50.6 billion (USD315.1 million) long-term loan, writes online news portal Portfolio.hu. The telco will use the funding to expand its mobile broadband activities as well as for other projects. MT, which is majority owned by German telco Deutsche Telekom (DT), will upgrade its T-Mobile Hungary mobile network in order to improve broadband service quality and accessibility, especially in more remote parts. MT is also hoping to expand the coverage and capacity of the 3G network as part of the plan. The loan has been granted through DT International Finance, a DT subsidiary managing group financing as a financial intermediary. The loan matures in January 2015 and bears a fixed interest rate.