Golden Telecom

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An equity investment in Golden Telecom Inc., a leading provider of integrated telecommunications services to businesses and other high-usage customers in Moscow, Kiev and other cities in the CIS. As a cornerstone investor, the EBRD would support the development and successful listing of a leading alternative telecommunications operator in the CIS region providing local customers with competitive local exchange carrier (CLEC), broadband data, cellular and Internet services. The EBRD would also promote sustainable telecommunications network expansion, and foster the emergence of innovative and advanced services that are crucial for the overall competitiveness of businesses within the CIS region. The investment would help promote competition and stimulate customer choice in Ukraine, Russia and other CIS countries by facilitating the development of competitive local exchange carriers, data and long-distance operators, and mobile operators in those countries. Golden Telecom is a leading facilities-based provider of integrated telecommunications services to businesses and other high-usage customers and telecommunications operators in Moscow, Kiev, St Petersburg and other cities in the CIS. An equity investment in Golden Telecom as part of an Initial Public Offering on the NASDAQ market scheduled for completion in the fourth quarter of 1999. Total offering size will depend on market demand. The project has been classified as B/O. The analysis examined the environmental issues associated with construction and operations, public participation, nature protection, use and disposal of hazardous materials and obsolete equipment. Golden Telecom has all necessary permits required for operation of the project. None