$1.24 billion in loans for Etisalat Misr

Ahmed Kotb, Wednesday 22 Dec 2010

Etisalat Misr was granted the biggest loan in communications industry history. Money will finance network expansion in Egypt

Etisalat Misr, Egypt's third-largest mobile operator, was granted a long-term syndicated loan of $1.24 billion (LE7.2 billion), in order to finance future expansion projects, including increasing the number of cellular networks, introducing latest technologies to customers and enhancing already-established networks.

The loan is considered to be the biggest of its kind in the communications industry, and was granted by a coalition of National Bank of Egypt (NBE), Bank Misr (BM) and National Bank of Abu Dhabi (NBAD), along with another 25 regional and national banks. The deal was announced during its signing ceremony yesterday.

The loan is divided into LE5.5 billion and $300 million, with NBE contributing LE1.3 billion and $30 million. BM's contribution amounts to LE663 million and $15 million, while NBAD kicked in LE230 million and $47 million.

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