Sonic Duo, the recently launched Moscow mobile phone operator, has become the first Russian telecoms project to attract major lending from international banks since the country's financial crisis in 1998.

The International Finance Corp and the European Bank for Reconstruction and Development will spearhead the $138m (€157.6m) initiative, each providing a $24m loan and $6m of quasi-equity for their own accounts, as well as a $10m B loan.