Mobinil secures LE2 billion syndicated loan

Ahram Online, Monday 24 Jan 2011

Mobinil will receive on Monday the first instalment of a LE 2 billion loan aimed at financing expansion of the network.

A consortium consisting of the National Bank of Egypt (NBE), Commercial International Bank (CIB) and National Société Générale Bank (NSGB) will begin paying a portion of the syndicated loan to the Egyptian Co. for Mobile Services (Mobinil).

The first stage of financing totals LE 1 billion; the consortium has not yet set a date for the second. The funds will be used to finance new investments in Egypt.

Mobinil, with 30 million subscribers, has ceded its place as leading mobile phone company in Egypt to its rival company Vodafone for the second month in a row.

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