By Reuters

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Posted inTechnology

Etisalat Egypt unit secures $1.2bn loan

Egyptian unit of UAE’s Etisalat signs loan deals with 25 banks to finance expansion and investment in new technology

By Reuters
BIG DEAL: The Egyptian unit of UAE-based Etisalat signed a 7.2 billion Egyptian pound ($1.24bn) loan agreement with 25 banks
BIG DEAL: The Egyptian unit of UAE-based Etisalat signed a 7.2 billion Egyptian pound ($1.24bn) loan agreement with 25 banks

The
Egyptian unit of UAE-based Etisalat signed a 7.2 billion Egyptian pound
($1.24bn) 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 December 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.

 

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