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. Last Updated: 07/27/2016

Sistema to Get $10M Credit

Telecoms holding Sistema will sign an agreement Wednesday for a $10 million credit from Deutsche Bank, the company and bank said in a joint press release.

The credit will be extended for one year at the London InterBank Offered Rate of 3 percent, a source familiar with the agreement said.

The credit will be used to replenish turnover income of Sistema's subsidiaries, said Levan Basadze, Sistema's first vice president. Those enterprises will most likely include tourism and telecoms companies and sales outlets, said a source close to negotiations.

Sistema and Deutsche Bank are strategic partners, having signed a corresponding agreement in February 2000.