$19.23m IPFF loan for optical fibre network

Fiber@Home has borrowed $19.23 million from Investment Promotion and Financing Facility (IPFF) project of the World Bank to expand its "nationwide optical fibre transmission network".

Five local financial institutions took the credit risk for Fiber@Home, a nationwide telecommunication transmission network (NTTN) operator.

Two separate agreements were signed to this effect at Westin hotel in Dhaka yesterday evening.

The first deal was signed between five local financial institutions and the IPFF, while the second one was between Fiber@Home and the local financial institutions.

AB Bank, United Commercial Bank and Industrial and Infrastructure Development Finance Company (IIDFC) were the arrangers, while Trust Bank, GSP Finance and LankaBangla Finance also participated in the deal to take the credit risk.

Fiber@Home is the first IT firm that obtained credit from the IPFF project.

Moynul Haque Siddiqui, managing director of Fiber@Home, said they will use the credit to set up optical fibre network in Dhaka, Chittagong and Sylhet region, and accelerate the speed of route and machinery import to establish the infrastructure.