Telecom Egypt signs $200 million financing deal

Deal signed with African Export-Import Bank managed by ADIB Egypt
Telecom Egypt signs financing deal.
Telecom Egypt signs financing deal.

Share

Telecom Egypt and Abu Dhabi Islamic Bank – E (ADIB - Egypt) have signed a $200 million short-term facility from the African Export-Import Bank (AFREXIMBANK) to finance working capital and investments in Telecom Egypt’s infrastructure. ADIB in its capacity as general coordinator and financing consultant served as the financial advisor for the short-term facility.

"We are proud to have been involved in a transaction of this size. It is a testament of ADIB Egypt’s growth and expansion strategy and its commitment to support cooperation efforts with both local and international companies and institutions. The success we’ve had in managing and coordinating this deal is yet another chapter in the bank’s success story in Egypt, which was validated with the award for Best Islamic Financial Institution in Egypt 2018. It also gives us even more motivation to continue providing the highest quality products and services,” said Mohamed Ali, CEO and Managing Director of ADIB.

Eng. Ahmed El Beheiry, Managing Director and CEO of Telecom Egypt added: “Telecom Egypt’s Board of Directors had approved the short-term renewable financing facility from the African Bank for Import and Export, managed by Abu Dhabi Islamic Bank, for a maximum of US$200 million. This deal will provide the necessary liquidity to finance our working capital requirements and provide the necessary funding for investment at the lowest possible cost.”

Editor's Choice

UAE tech talents to represent nation in Huawei ICT Competition regional final
Winners will travel to China to compete against international finalists from around the Middle East region
Simplifying eight key authentication terms
Axel Hauer director EMEA Enterprise Sales, IAMS at HID Global looks at authentication in simpler terms
Its SIMple Virgin Mobile offers unlimited local calls
t’s SIMple and so is making unlimited local calls and SMS with Virgin Mobile

Most popular

Don't Miss a Story