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Netcity Telecom took out a loan of EUR 10 mln. for fiber optics network expanding in Bucharest, Romania

09 may 2018

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Romanian fiber optics network company Netcity Telecom has been funded with a EUR 10 million loan to expand Bucharest’s underground fiber optics network, BalkanEngineer.com learned from Romania-Insider.com. The money was allotted by local banks BCR and BRD, which have financed the company with another EUR 36 million in the past.

 

 

The new loan will cover the costs for expansion of Bucharest’s underground fiber optics network in the following three years. The company has also allotted EUR 20 million from its own funds for the expansion work. Thus, the total investment in Bucharest’s underground fiber optics network will reach EUR 70 million by 2020, and the network will double to 1,800 km after which it will continue to grow every year.

 

10 years ago Netcity Telecom won the contract to develop and operate Bucharest’s underground fiber optics network for a period of 49 years in exchange for a yearly royalty of 12% of the revenues the company achieved from local cable operators.

 

Source of images: Netcity Telecom

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