Telecom Egypt announced that it has obtained a long-term loan worth LE18 billion from a banking alliance of 13 banks, as part of its strategy to achieve balance in cash flows and enhance the company’s financial flexibility.
The banking alliance is led by the Commercial International Bank (CIB) and Banque Misr, as the first lead arrangers and financing marketers, with the participation of the National Bank of Egypt, as a lead arranger and financing marketer.
Telecom Egypt is using the loan, which extends for seven years, to refinance its current short-term obligations in Egyptian pounds, in a strategic move that is consistent with its efforts to improve its cash flows, enhance financial liquidity, and achieve the financial flexibility necessary to enable the company to implement long-term growth plans.
Telecom Egypt’s Managing Director and CEO, Mohamed Nasr, said: “We are pleased to obtain this long-term loan that enables us to refinance our short-term obligations.”
The CEO of Banque Misr, Hisham Okasha, explained that the bank is always working to support and finance various business sectors, which positively impacts the Egyptian economy.
The bank’s participation comes from its belief in the potential of the communications and information technology sector, and the company’s role and position as a pioneer in this sector, he said.
The Deputy CEO and Managing Director of the CIB, Amr al-Ganainy, explained that the ICT sector is one of the fastest growing in the world and especially in Egypt, which is witnessing major digital transformations aimed at improving the quality of services and enhancing digital transformation.
He added that this financing will not only contribute to enhancing the infrastructure and technological capabilities of Telecom Egypt, but its impact will extend to the entire economy.
