Exhibit 4.24.

Loan Agreementdated as of August 14, 2003        betweenDeutsche Telekom International Finance B.V.Strawinskylaan 1243, 12th Floor        1077 XX Amsterdam        The Netherlands        ("Lender")        andMagyar Távközlési
Részvénytársaság (Matáv  Rt.)Krisztina krt. 55  1013 Budapest  Hungary        ("Borrower")

1

---



Contents

§
1 Loan Facility

§
2 Purpose

§
3 Disbursal

§
4 Interest, interest payments, interest calculation

§
5 Loan repayment

§
6 Notifications

§
7 Miscellaneous

§
8 Signatories

2

---



§ 1 Loan Facility

The Lender shall grant a loan facility of a total amount of

HUF 126.643.750.000,00(One hundred twenty six billion six hundred forty three million
seven hundred fifty thousands 00/100 Hungarian Forint)

The
loan facility shall consists of 2 tranches:



(Fifty
billion 00/100 Hungarian Forint)

§ 2 Purpose

The loan shall solely be used to refinance the expiring refinancing of the Borrower as dated of December 21, 2001 and with reference to § 5 of
this loan agreement the loan shall be used to cover the Borrower's financial needs.

§ 3 Disbursal

The total amount of the loan shall be paid out onAugust 14, 2003.

§ 4 Interest, interest payments, interest calculation

3

---



§ 5 Loan repayment

The Borrower shall repay the loan in HUF onAugust 14, 2004.

Subject
to the Borrower giving at least 5 days prior written notice to the Lender a premature payment up to an amount ofHUF
50.000.000.000,00shall be possible on every interest payment date. Premature payment to any other date shall be possible in mutual agreement.

Repaid
amounts up to an equivalent amount ofEUR 50.000.000,00shall be available on every interest payment date for renewed disbursement
for refinancing in the usual cause of the business approved by the board of directors as far as a drawdown is not inline with the buget and the business plan.

Drawdowns
shall be made with at least 5 days prior written notice. The minimum drawdown amount shall be an equivalent amount ofEUR
10.000.000,00.

The
Borrower shall pay a fee of0,15% p.a.to the Lender for granting this facility according to undrawn amounts of this facility.

Drawn
amounts shall be charged interest at an equivalent interest rate of the3-month EURIBOR plus 0,50% p.a., which is quoted
two banking days before the start of the interest period (see Telerate page 22000).

§ 6 Notifications

All notifications, announcements, information and messages under the present agreement shall be sent by registered mail or fax to the following addresses:

|For the Lender:                             |  | For the Borrower:                 
|------------------------------------------- |  | ----------------------------------
|Deutsche Telekom International Finance B.V. |  | Magyar Távközlési Részvénytársaság
|Strawinskylaan 1243, 12th Floor             |  | Krisztina krt. 55                 
|1077 XX Amsterdam 1013 Budapest             |  | The Netherlands Hungary           
|Tel.: +31 20 575 3177                       |  | Tel.: +36 1 458 0440              
|Fax: +31 20 575 3178                        |  | Fax: +36 1 458 0405               
|Attn.: Fred van der Horst                   |  | Attn.: Olivér Imolay              

§ 7 Miscellaneous

4

---



§ 8 Signatories

The parties agree to exchange the signatories of this agreement via fax. The Fax Copy shall be legally valid and binding to the parties after receipt of the
respective copy.

|Amsterdam, July 4, 2003                     |  | Budapest, July 4, 2003            
|------------------------------------------- |  | ----------------------------------
|Deutsche Telekom International Finance B.V. |  | Magyar Távközlési Részvénytársaság
|                                            |  |                                   
|Stephan Wiemann                             |  | Thilo Junkes                      

5

---



Appendix

Terms and Conditions for the Granting of Intercompany Loans by  Deutsche Telekom International Finance B.V.    No. 1 Payment prerequisites

The LENDER is not obliged to pay the loan (nor partial amounts thereof, if stipulated in this Agreement) if the BORROWER



No. 2 Loan repayment



No. 3 Payments



No. 4 Default



No. 5 Interest period

The interest period shall commence on the date (value date) on which the loan is debited to the LENDER's account.

6

---



No. 6 Offsetting, right of retention

The BORROWER is not entitled to offset counterclaims from claims under this Agreement, or to assert a right of retention.

No. 7 Termination

The LENDER is entitled to terminate this Loan Agreement without observing a notice period and to immediately call the loan including the accrued interest and any
other amounts owed as due for payment if there is a good cause for such action.

Good
cause is particularly if the BORROWER



No. 8 Taking-over of the agreement, assignment

The LENDER is entitled to assign the contractual relationship to a third party in such a manner that this party takes over the Loan Agreement in lieu of the
LENDER. The loan relationship shall pass to the third party with all the rights and duties under this Agreement. The approval of the BORROWER is not required for such action.

The
claims of the BORROWER under this Agreement are not transferable nor chargeable.

No. 9 Reporting

The BORROWER undertakes



No. 10 Final provisions



7

---





QuickLinks