Etisalat Egypt secures $1.2b loan

23 Dec 2010

(MENAFN) Etisalat Egypt, a subsidiary of UAE-based, Emirates Telecommunications Corp., revealed that it has secured a $1.2 billion loan for its infrastructure expansion, over the upcoming three years, Bloomberg reported.

According to a company statement, the mentioned loan was granted by five separate banks, which will provide 76 percent of the long-term financing in Egyptian pounds and the rest in dollars.

It is worth noting that Etisalat Egypt is the country’s third-largest mobile-network operator, and by the end of the current year, Egypt’s mobile-phone market is forecasted to grow to 74.9 million subscribers.

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