As a sign of trust from international financial institutions in the Saudi economy and telecommunications sector in Saudi Arabia, ITC gets 180 million USD financing boost from China's ICBC Bank.
Integrated Telecom Company (ITC) has signed a 180 million USD financing agreement with ICBC China in Beijing, as part of its goal to develop the Kingdom's leading gigabit broadband infrastructure.
Pursuant to this agreement, ICBC will finance ITC's fiber to the home (FTTH) network rollout, providing 640,000 homes in the Kingdom with gigabit broadband connectivity.
This high-speed FTTH project is a Ministry of Communications and Information Technology (MCIT) initiative, signed with ITC last year. It is a vital component of the Saudi Arabian Vision 2030.
ITC's CEO Eng. Ghassan Itani stated that ITC has achieved an important milestone with this financing agreement, and is proud to participate in this important project carried out with the oversight of the MCIT and the Communications and Information Technology Commission (CITC).
Eng. Itani confirmed that this financing reflects the high degree of confidence by investors and foreign banks in ITC's future vision, the Kingdom's telecommunications sector and the broader Saudi economy.
"This financing will provide additional liquidity to fund ITC's development plans which focus upon deploying a gigabit broadband network throughout the Kingdom. We are fully committed to play a crucial role in the evolution of the telecommunications sector in KSA, and we have achieved noticeable progress with regard to our transformation strategy", Eng. Itani added.