IFC To Offer Loan Worth $100-Million To Idea Cellular
A member of the World Bank, International Finance Corporation (IFC) would provide finance worth $100-million to Idea Cellular. Though entire world is facing the financial crisis and shortage of funds, the highly potential, Indian telecommunication sector is unlikely to face any credit problem. The company would use the amount to expand its network in the various telecom circles of India. The company intends to launch telecom service in Bihar and is also likely to start national long distance telephony network in a short time.
The managing director of Idea Cellular Ltd, Mr Sanjeev Aga said that the help from IFC would enable the company to expand its local telecommunications infrastructure. He thanked the IFC for helping the company in the hour of need
IFC Director for Global Information and Communication Technologies, Mr Mohsen A. Khalil said that the company would improve infrastructures in rural areas which would benefit people of the region and businesses. IFC and Idea Cellular would develop a project for Pocket Public Calling Offices and provide other value added services to people living in the rural areas.
Asian Development Bank also announced a loan of $150 million to GTL Infrastructure for rural telephony in India.