Globe Telecom secures USD50m funding from Canadian lender

GMANews reports that Filipino telecoms services provider Globe Telecom has inked a USD50 million loan facility with Export Development Canada. The proceeds of the loan will be used ‘to fund capital expenditure purchases from Nokia Siemens Networks,’ Globe said in a statement. Last month the operator concluded a PHP1 billion (USD103.7 million) five-year loan facility with state-owned Land Bank (also known as Landbank) to help fund its capital expenditure in 2009. It earlier announced it was looking to invest between USD350 million and USD400 million in its networks and services, of which USD130 million will be used to fund its core 2G network expansion, while consumer broadband including 3G will get USD150 million. A further USD25 million is being set aside for corporate wireline data services, USD20 million will be for support CAPEX and USD25 million for international cable facilities.