NIB lends for 3G rollout in India

NIB and the Indian mobile telecommunications operator Aircel Limited have signed a loan agreement for financing the rollout of 3G mobile communications networks in India.

The NIB loan totals USD 100 million (EUR 72 million) and has a 10-year maturity. The telecom operator Aircel Limited will use the funds to finance its new 3G and broadband wireless access project in India. Within eight years, the company expects to treble its subscriber base to 156 million and increase its market share from 9% to 13%.

In rolling out the state-of-the-art technologies in the world’s fastest growing mobile telecom market, Aircel is cooperating with Ericsson and Nokia Siemens Networks. Both Nordic producers have established large, globally integrated R&D centres in India for developing innovative solutions for both technology and value added services.

With a population of approximately 700 million subscribers, India is the world’s second largest mobile market. The country’s mobile subscriber base continues to be the fastest growing in the world. In 2009 alone, India added over 178 million subscribers.

The Nordic Investment Bank (NIB) is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. NIB has the highest possible credit rating, AAA/aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact

Ms Tarja Kylänpää, Senior Director Lending, at +358 10 618 0237,