Siemens Increases Credit to ArmenTel up to 130 Million

YEREVAN (Noyan Tapan)–The German based Siemens Company has increased the loan allocated to the Armenian-American ArmenTel enterprise by $55 million which now totals $130 million–deputy director of ArmenTel Hasmik Chutiyan reported.

A $75 million investment contract signed with Siemens will fully restructure the Yerevan City Telephone Network and International Telephone Network of Armenia.

Recently the telephone network of Armenia has been included into the system of ArmenTel. Previously–the Armenian share of ArmenTel was represented only by the Yerevan Telephone Network.

The installation and testing of Siemens equipment has already been completed at several of Yerevan telephone stations.

The restructuring of the Yerevan Telephone Network is scheduled to be completed in 1999.

ArmenTel also announced that optic telephone cables and international telephone communication stations are currently operating in Yerevan.

ArmenTel also reports that a cellular telephone station will begin operation May 15.

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