8 Sep 2015 17:44

Rostelecom arranges $600 mln in financing with China Development Bank

MOSCOW. Sept 8 (Interfax) - Rostelecom has signed an agreement with China Development Bank on raising $600 million in finance to buy Huawei equipment, the telecommunications company said.

The funds will also be used to refinance the telco's current liabilities.

This is the first credit that Rostelecom has received from a Chinese bank to fund projects with Huawei.

Rostelecom signed a strategic cooperation deal with Huawei in 2014. Some joint projects have already been carried out. The Russian company is currently using Huawei equipment to build the Kamchatka - Sakhalin - Magadan submarine fiber-optic communications line.