Linatel Negotiates with Egyptian Banks to Get EGP16 mln Loan

Hamdy Ellaithy, CEO at Linatel Telecommunications revealed that his company is negotiating with a numbers of banks to obtain EGP16 million loan aiming to expand its investments during the current year refuting to disclose the banks’ names while getting a loan.

Ellaithy has quoted Amwal Al Ghad that the company is working to complete the necessary and required guarantees and procedures for obtaining a loan, noting that it will exploit the expected finance in developing its works in terms of infrastructure for the three mobile phone operators which conducted by the company to Vodafone, Mobinil and Etisalat.

Linatel is currently investing new applications regarding the general services such as electricity malfunctions ,traffic conditions and others, Ellaithy asserted.

He illustrated that Linatel is in talk with Electricity, Energy and Interior Ministries to use those applications in a public services.

The company obtained EGP5 million loan within the last quarter of 2013 to expand its business.

Linatel witnessed 40% declining in business volume during the last four months of June, July, August, September and October as results of the political turmoil.

Meanwhile Linatel was established in 2010 in the field of telecommunications with EGP20 million paid up capital for providing telecom services to the residential units ‘compound’ , mobile operators.