Arab Finance: Telecom Egypt has sealed a $200 million medium-term loan agreement with Banque Misr UAE to refinance its existing short-term facilities, according to a press release by the firm on May 22^nd.

The five-year amortizing loan is part of Telecom Egypt’s refinancing strategy to cut its borrowing costs, ensure the availability of sufficient liquidity, and boost financial flexibility.

The loan will be repaid from the collection of Telecom Egypt’s foreign currency revenues.

“This loan will complement our existing liquidity base and enable us to repay installments in line with the cash flow generation from our different foreign currency revenue streams,” Telecom Egypt’s CEO Mohamed Nasr commented.

“This finance facility cements our strategic relationship with TE and reflects Banque Misr’s commitment to a long-term partnership with the company,” Banque Misr’s CEO Khaled El Bialy said.

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