Telecom Egypt negotiates $200m loan from African Export-Import Bank

31 May 2018 | Alan Burkitt-Gray

Telecom Egypt has negotiated a $200 million loan for working capital as well as investments.

Telecom EgyptThe money comes from African Export-Import Bank (Afreximbank), and was negotiated by the Egypt brance of the Abu Dhabi Islamic Bank.

Ahmed El Beheiry, managing director and CEO of Telecom Egypt, said that the load is "an integral step in providing liquidity to finance working capital and investments at lowest possible cost".

George Elombi, Afreximbank’s EVP for governance, legal and corporate services, said: "This transaction has a direct impact on the development of the regional infrastructural network that serves as a lifeline for many African countries."

El Beheiry 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 $200 million."

He did not give any more details about how the money is to be spent.

Elombi added: "Such cooperation will make significant contributions towards unlocking the full potentials of telecommunications in Africa and delivering the much-needed developmental impact on the continent."

Topics: Telecom Egypt, Egypt, loan, finance, African Export-Import Bank, ADIB Egypt, Afreximbank