Istanbul, March 10, 2006 — The International
Finance Corporation, the private sector arm of the World Bank Group, signed
a loan agreement for $120 million with Avea, one of Turkey’s major mobile
Speaking at the signing ceremony, Lars Thunell, IFC’s executive vice president,
praised the company for its track record as an innovative operator within
the telecommunications and technology sectors:
“IFC has a long-standing relationship with Avea and its shareholders,
and has been working with Avea as an advisor and coordinator for the past
three years. The agreement today demonstrates continued confidence
in the company as well as overall support of the private sector's role
in the telecommunications sector.”
Established in 2000, Avea is one of the leading GSM mobile phone network
operators in Turkey. The company is owned by Telecom Italia, Turk
Telekom, and the Is Bankasi Group. The loan will be used for the
integration and expansion of Avea's GSM network.
Mr. Cüneyt Türktan, CEO of Avea, stated that his company will continue
to invest in new technologies. He also added, “This is a very important
milestone for Avea, and we see this agreement as paving the way for a long-term
relationship with IFC.”
The International Finance Corporation, the private sector arm of the World
Bank Group, promotes sustainable private sector investment in developing
and transition countries, helping to reduce poverty and improve people’s
IFC finances private sector investments, mobilizes capital in the international
financial markets, helps clients improve social and environmental sustainability,
and provides technical assistance and advice to governments and businesses.
Its 178 member countries provide its share capital and collectively determine
its policies. From its founding in 1956 through FY05, IFC has committed
more than $49 billion of its own funds and arranged $24 billion in syndications
for 3,319 companies in 140 developing countries. IFC’s worldwide committed
portfolio as of FY05 was $19.3 billion for its own account and $5.3 billion
held for participants in loan syndications.
IFC has been active in Turkey for more than forty years with cumulative
investments in the country amounting to over $2.7 billion. IFC has a well
diversified portfolio across a range of industrial and financial sectors.
Over the past five years, IFC has made more health and education investments
in Turkey than any other country with overall commitments of $109 million
in seven projects.
For more information, visit www.ifc.org.