Socar Fiber Borrows USD 10 Million From TSKB For Digital Infrastructure Investment
TSKB provided a 4 year, US$10 million digital infrastructure loan to SOCAR Fiber, the digital infrastructure company of SOCAR Türkiye. SOCAR Fiber will use the loan offered as part of project financing with the Asian Infrastructure Investment Bank (AIIB) as the fund provider to strengthen the fiber optic infrastructure extending from east to west of Türkiye.
Under the TSKB Sustainable Energy and Infrastructure Facility, Phase 3 by the Asian Infrastructure Investment Bank (AIIB), TSKB (Industrial Development Bank of Türkiye) will provide a 4-year digital infrastructure financing worth US$ 10 million to SOCAR Fiber, the digital infrastructure company of SOCAR Türkiye, to employ more modern technologies to strengthen the fiber optic infrastructure across Türkiye.
Offering services with its 1,850 km-long fiber optic network covering Türkiye from east to west, SOCAR Fiber provides communication infrastructure services to domestic and international telecom operators through its current infrastructure. In a bid to make Türkiye's digital backbone more resilient, the Company aims to use the obtained funds for investments to renew the energy infrastructure at the communication points of the existing fiber optic infrastructure and in data operation buildings. The new investments will improve infrastructure resilience, ensuring service continuity even in the case of possible power outages. This will contribute to enhancing the service quality offered to domestic and international telecom companies and bolstering Türkiye's strategic role in digital economy.
"The loan is provided as part of our cooperation with TSKB, and we aim to use this financing to render our fiber optic infrastructure more durable, efficient and sustainable," said Kanan Mammadov, General Manager of SOCAR Fiber. "This investment intends to create an infrastructure ready not only for today's communication needs but also for the data traffic of the future. Through our strategic investments, we aim to make Türkiye the center of short and reliable terrestrial data routes between Europe, Asia and the Middle East. This new route will offer an alternative to traditional submarine cable routes, providing lower latency and increased security for data transport. Thanks to our strengthened digital backbone, we will continue to offer uninterrupted connectivity and high performance to telecom operators and internet service providers."
"At TSKB, we are pleased to support digital infrastructure investments, a major component of sustainable development," said Ozan Uyar, TSKB CEO. "This cooperation with SOCAR Fiber will accelerate digital transformation in our country and contribute to the widespread use of energy-efficient infrastructure systems. This financing demonstrates the applicability of sustainable financing models for digital infrastructure in Türkiye and also highlights the significance of making international financing available for private sector investments. We aim to continue enhancing Türkiye's sustainable financing capacity by effectively utilizing international funds in financing such investments."
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