Vodafone Egypt, 7 Banks to Ink EGP4bn Credit Facility Contract by Monday

Vodafone Egypt will sign credit facility contract worth EGP4 billion with the alliance of seven Egyptian banks that will join the loan by next Monday.

Amwal Al Ghad has published the banks’ shares in the loan distributed as EGP900 million by Banque Misr, EGP650 million by Commercial International Bank (CIB) and AlexBank, EGP600 million paid by HSBC bank in addition to Emirates NBD ,QNB-Alahli and Barclays which participated with EGP400 for each of them.

Vodafone is aiming to exploit the loan as a credit facilities to cover its needs in developing the network and improving services, it may allocate part of loan for financing the Unified Licence.

Furthermore, the company’s revenues surged to EGP3.377 billion in the first quarter of the fiscal year 2014/2015 which will be ended in June30 2014.