MagtiCom to Improve Broadband Access in Regions

TBILISI – After the merger of mobile operator MagtiCom and Internet provider Caucasus Online, the company will improve and expand its broadband networks in Georgia’s regions with the support of The European Bank for Reconstruction and Development’s (EBRD) USD 100 million (235 million GEL) loan.

The EBRD’s representative believed that MagtiCom, which is now the only operator in Georgia offering a full quadruple play service of wireless and cable phone lines, Internet mobile and cable Internet as well as satellite and IPTV television, will be able to offer better and higher-speed Internet services to its customers across the country.

The expansion of higher quality internet connectivity will also increase competition in the telecommunications market of Georgia and encourage other operators to follow by improving the quality of their networks and services.

“This investment will support the development of higher quality mobile networks, internet connectivity and TV platforms in the country’s more remote regions. This will help boost the local economies and Georgia’s telecom sector as a whole.

We are happy to work with a partner as strong as MagtiCom, who has extensive expertise in the telecoms sector and high corporate governance standards,” said Bruno Balvanera, the EBRD Director for the Caucasus, Moldova and Belarus.

The EBRD is a leading institutional investor in Georgia. Since the start of its operations in the country, the Bank has invested over EUR 2.73 billion (7 billion GEL) in 195 projects in the financial, corporate, infrastructure and energy sectors, with 91 per cent of those investments in the private sector.

By Eka Karsaulidze

Photo: Caucasus Online