The Egyptian branch of UAE-based mobile and internet service provider Etisalat has signed an LE7.2 billion (US$1.24 billion) loan agreement with 25 banks to finance expansion and investment in new technology, company officials said in a statement on Tuesday.
The banks involved in the loan deal include the National Bank of Egypt, Banque Misr and the National Bank of Abu Dhabi, the officials added.
"This loan will be used to finance future expansion of the company," the statement said. "The expansion includes the continuing increase of coverage stations and will offer the latest technology in the mobile field for subscribers and for developing and modernizing current stations."
