Telecom Egypt seeks EGP 18B loan from local banking consortium

Updated 7/30/2024 7:44:00 AM
Telecom Egypt seeks EGP 18B loan from local banking consortium

Arab Finance: Telecom Egypt is seeking to secure an EGP 18 billion loan from a consortium of local banks led by Banque Misr and Commercial International Bank of Egypt (CIB), Asharq Business reported citing unnamed sources familiar with the matter.

The loan comprises two tranches, EGP 12 billion of which is earmarked for clearing the company's existing short-term credit obligations, while the remaining tranche will be used to finance operations and network development.

Established in 1998, the joint stock company is engaged in the provision of public communications and associated products and services. It is the first integrated telecom operator in Egypt.

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