GSM Kazakhstan gets US$55M loan from Sonera

ASTANA, Kazakhstan-Leading Kazakh carrier GSM Kazakhstan said the Finnish Sonera has granted it a US$55 million loan for further development in 2003 and the introduction of new technologies, such as General Packet Radio Service (GPRS) and multimedia message service (MMS).

GSM Kazakhstan’s Financial Director Bora Baisal said “The money received in the form of such a loan (9.5 percent annual interest) is much cheaper compared to credits of Kazakh banks (14-16 percent).”

Sonera jointly with the Turkish TurkCell holds a 51-percent stake in GSM Kazakhstan through the Fintur Holdings. Kazakhtelecom holds 49 percent.

GSM Kazakhstan operates under the K’Cell and ActiV trademarks and services more than 750,000 clients in the Central Asian republic.