Team Telecom Armenia has secured funding worth US$45 million from three separate banks to help it deploy high speed internet across Armenia, enabling the country’s digital economy.
Formerly known as Beeline, the operator has procured financing from the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD) and Russia’s Ameriabank.
The operator’s chairman Aleksandr Yesayan said that the investment would be used to deploy a 25Gbps next-generation fibre optic network connecting the country’s cities, towns and villages. In addition, the funding will allow Team Telecom Armenia to upgrade and expand its 4G/LTE network.
CommsUpdate reported that the additional investment would improve connection quality for at least 1.1 million subscribers, with over 450,000 households receiving access to fibre technology for improved connectivity speeds.