Astana, Kazakhstan, Dec. 25
By Daniar Mukhtarov - Trend:
Kazakhstan's Development Bank, a subsidiary of the national managing holding Baiterek, began to finance projects with help of funds from the Kazakhstan National Fund.
The Development Bank said in a message that the first such project will be a project of the ALTEL, a subsidiary of the Kazakhtelecom JSC.
ALTEL's project is for the expansion of the 4G (LTE) mobile broadband internet network.
The message said the project costs 104.9 billion KZT ($1 - 182.05 KZT), and about 35 percent of the necessary financing is provided by Kazakhstan's Development Bank for up to 10 years.
Kazakh tenge (KZT) will be the loan currency, according to the message.
The message also said this is the first project financed by the Development Bank with the help of funds from the Kazakhstan National Fund.
"The launch and development of 4G network is planned in all cities and settlements in Kazakhstan," the message read.
"The project is designed to be realized in two phases. The first one (until 2018) suggests the emergence of a new generation wireless communication in all the major cities and settlements of 50,000 residents, and the second one (up to 2022) suggests the development of LTE/GSM/UMTS networks and introduction of LTE network in all the settlements in the country," according to the message.
The project will make it possible to provide a data transmission rate of up to 100 Mbit/s, to actively introduce e-learning at higher and secondary educational institutions, as well as provide an opportunity to watch high definition streaming video.
Kazakhstan's Development Bank continues long-term financing of the economy, based on its key mission - to promote the development of the country's non-raw-materials sector.
Kazakhstan's first converged network with a simultaneous support of 4G, 3G and 2G technologies has been already deployed in 200 settlements with a total population of about 10.6 million people, accounting for 62 percent of the country's population.