Moto Upgrades PMCL

Motorola to upgrade Pakistan's mobile phone network under a $50M contract partly underwritten by the UK's official Export Credit Agency, ECGD

August 11, 2005

1 Min Read

LONDON -- Motorola Ltd is to help upgrade and expand Pakistan's mobile phone network under a $50 million (USD) contract which has been partly underwritten by the Export Credits Guarantee Department (ECGD), the UK's official Export Credit Agency.

The contract - which will be sourced from Motorola's Swindon factory - will provide cellular phone infrastructure equipment to Pakistan Mobile Communications Limited (PMCL) so it can expand cellular phone coverage across the country under its Mobilink brand name.

UK Trade Minister Ian Pearson said: "Telecoms is one of the fastest growing sectors in Pakistan. This deal, involving a UK exporter with crucial backing from ECGD, will help to sustain that growth."

ECGD has guaranteed, under its buyer credit finance facility, a $48 million bank loan, provided by both ABN AMRO and Citigroup, which will be used by PMCL to help meet the costs of the Motorola contract.

Gerard Grady, senior manager at Motorola Credit Corporation, Motorola's financing arm, said: "This deal is part of an ongoing expansion programme between Motorola and Mobilink which will further boost mobile phone usage in Pakistan."

Motorola Inc.

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