Citibank Romania lends Zapp $20m

Fully-integrated voice and high-speed data mobile communication operator Zapp was granted a $20 million loan by Citibank Romania, the local branch of Citigroup. Zapp has invested over $350m in the two years since it entered the Romanian market, in December 2001. According to company officials, the company's investment plans may exceed $50m, whereas Zapp invested about $60 million last year. The loan granted by Citibank Romania is the first stage of a new and extensive investment strategy, which aims to increase Zapp's coverage area and broaden the range of products, said Cuneyt Turktan, chairman of the Board. ZF