Vodafone Egypt, 7 Banks Ink EGP4bn Credit Facility Contract Today

Vodafone Egypt will be signing today credit facility contract worth EGP4 billion with 7 Egyptian banks.

The company is aiming to exploit the loan as credit facilities to cover its needs in developing mobile phone network and improving services, it may allocate part of loan to go for financing the unified licence.

Amwal Al Ghad published the bank’s stakes in the loan which distributed as EGP900 million in favor of Banque Misr, EGP650million for each of Commercial International Bank (CIB) and AlexBank, EGP600 million in favor of HSBC in addition to Emirates NBD and QNB-AlAhli which participated with EGP400million for each bank.

Moreover, Vodafone’s revenues increased to EGP3.377 billion within the first quarter of the fiscal year of 2014/2015 that ended in June30 2014.