Iran’s TCI signs EUR1 billion vendor financing deal

Iran’s dominant fixed line operator, Telecommunication Company of Iran (TCI), has signed a EUR1 billion (USD1.13 billion) finance agreement with an unnamed overseas vendor for the expansion and upgrade of its networks, local news agency IRNA reports. The deal follows the lifting of international trade sanctions against Iran earlier this year after the country promised to restrict its nuclear testing programme. Alongside the new financing deal, TCI recently signed cooperation agreements with foreign telcos KT Corp of South Korea and Kazakhtelecom of Kazakhstan, as well as Italian equipment supplier Italtel. TeleGeography’s GlobalComms Database notes that TCI and its subsidiaries hold a virtual monopoly in Iran’s fixed telephony sector and it is also the largest broadband internet provider, while sister company MCI is the country’s leading cellco by subscribers.