HSBC has signed a $24 million medium-term facility to finance telecommunications equipment and systems supplied by Nokia Siemens Networks to Asiacell, a leading mobile operator in Iraq.

The equipment and services supported by this financing will allow Asiacell to continue to upgrade the quality of services it provides to customers across Iraq as well as to accommodate ongoing growth in subscriber numbers to the Asiacell network, a statement said.

Nokia Siemens Networks entered into a framework contract with Asiacell in 2008 and has since been one of the leading suppliers of telecommunications equipment and systems to Asiacell. 

“Once more, we have been able to support the growth of our customer in advancing our common goal of providing best-in-class services to the people in Iraq, both through the provision of our technology and facilitating a financial solution,” said Christian Boczek, country director of Nokia Siemens Networks in Iraq.
 
This medium term financing is insured by the German Government's Export Credit Agency (ECA) Euler Hermes Kreditversicherungs AG.  Euler Hermes ' primary role is to enhance German companies' competitiveness abroad.  – TradeArabia News Service