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July 11, 1991

COMPANIES ARE ANXIOUS TO GET INTO SOVINTEL

By CBR Staff Writer

Companies are anxious to get in on the high public profile Sovintel venture that will provide an international digital and telephone and facsimile service for Moscow: Northern Telecom is providing the high-capacity international gateway switch DMS-300 – and 15 Meridian 1 private branch exchange systems to be installed at each participating hotel and business: meanwhile, London-based Barclays Bank has signed a five-year credit agreement with Internaitonal Moscow Bank to finance the development – this is the first time that the Soviet Union’s Gosbank has issued a licence allowing off-shore borrowing.

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