Team Telecom Armenia (formerly Beeline) has successfully raised USD45 million in funding from the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD) and Russia’s Ameriabank to drive high speed internet access and support Armenia’s digital economy.
Specifically, Team Telecom Armenia will use the monies to construct a 25Gbps Next Generation Network (NGN) in cities and villages of Armenia. The firm’s chairman Aleksandr Yesayan said the financing package will help it to improve both the coverage and service quality of its telecom networks, including expansion of its 4G LTE mobile network and deploying the NGN fibre-optic network. As a result of the project, at least 1.1 million mobile subscribers will be provided with faster and higher-quality internet connections, and more than 450,000 households will be provided with access to faster fibre access technology.