Arab Finance: Etisalat Egypt by e& inked an EGP 4 billion financing agreement with the Commercial International Bank Egypt (CIB) (COMI) to back the expansion plans of the telecom operator, according to an emailed press release on January 31^st.

This agreement was signed by CEO of Etisalat Egypt Hazem Metwally, the company’s Chief Financial Officer Ehab Rochdy, CIB’s CEO Institutional Banking Amr El Ganainy, and the bank’s Head of Global Customer Relations Group Soha Abou Zikry.

“Etisalat Egypt is keen on investing in infrastructure that provides the best integrated technology services to our customers, and keeps pace with the huge increase in data usage rates across Egypt,” Metwally said.

Meanwhile, Amr El Ganainy commented: “This partnership reflects the CIB’s role in supporting businesses in the ICT sector, and will further contribute to achieving Etisalat Egypt’s strategy in a way that scales up the company's financial position in the market and thus achieve more future business success.”

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