Finnvera guarantees and Finnish Export Credit finances an export credit facility for Etihad Etisalat Company (“Mobily”) of Saudi Arabia
Finnvera guarantees a buyer credit that is used to finance deliveries of telecommunications equipment from Nokia Solutions and Networks to Etihad Etisalat Company ("Mobily") in Saudi Arabia.
The guaranteed credit is at most USD 325 million. Finnvera’s guarantee covers 95 per cent of the credit. The holder of Finnvera’s guarantee is Deutsche Bank. Finnish Export Credit finances the credit arranged for the buyer by Deutsche Bank and Crédit Agricole Corporate and Investment Bank.
“The system where Finnvera grants an export credit guarantee and Finnish Export Credit finances the export credit granted to the buyer by the bank, helps to ensure the competitiveness of Finnish companies in capital goods exports,” says Executive Vice President Topi Vesteri of Finnvera.
Etihad Etisalat Company ("Mobily") is Saudi Arabia’s second largest telecommunications operator, with a market share of 40% (22 million customers at the end of 2012). Mobily was established in 2004. Its strategic owner, with a share of 27.4%, is Emirates Telecommunications Corp. (”Etisalat”), one of the largest telecommunications operators in the Persian Gulf region.
Topi Vesteri, Executive Vice President, tel. +358 29 460 2676
Tuukka Andersén, Vice President, tel. +358 29 460 2688