31 May 2018
| Alan Burkitt-Gray
Telecom Egypt has negotiated a $200 million loan for working capital as well as investments.
The 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
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
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
He did not give any more details about how the money is to be
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."
African Export-Import Bank,