BERLIN — The European Bank of Reconstruction and Development is planning to invest up to $20M in Russia's wireless broadband Internet infrastructure.
The EBRD will help Prestige Internet, a wholly owned subsidiary of the Enforta Group, to finance the ongoing expansion of its wireless broadband services in regional centers throughout Russia.
The proposed project will also facilitate the use of WIMAX technology and fuel the deployment of broadband, which has lagged in Russia due to the antiquated local telecoms infrastructure, the Bank said in a statement.
Earlier this month, Enforta announced a 22-city expansion of its operating footprint in Russia, increasing the total service territory to 55 cities. The company also announced that it is on schedule to launch in another 10 cities in the fourth quarter.
Russian telecom industry analysts estimate that Enforta holds the largest market share among Russia's wireless broadband access operators at 20-22% of the total market.
The company is owned by Baring Vostok Capital Partners, Sumitomo Corp, Bessemer Venture Partners, and the EBRD.
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