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Etisalat Egypt unit says it secures $1.2 bln loan

The banks involved in the loan include National Bank of Egypt, Banque Misr and National Bank of Abu Dhabi.

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December 22, 2010 12:36 by



The Egyptian unit of UAE-based Etisalat signed a 7.2 billion Egyptian pound ($1.24 billion) loan agreement with 25 banks to finance expansion and investment in new technology, the company said.

The banks involved in the loan include National Bank of Egypt, Banque Misr and National Bank of Abu Dhabi , the company said in a statement dated Dec. 21.

“This loan will be used to finance future expansion of the company. The expansion includes the continuing increase of coverage stations and offering the latest technology in the mobile field for subscribers and for developing and modernising current stations,” it said.

(Reporting by Yasmine Saleh and Patrick Werr)



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