Mobinil’s Loan Arrangers To Sign MoU Next Week

The National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB) and HSBC, arranging a loan for the Egyptian Company for Mobile Services Mobinil, will sign the finance memorandum of understanding next week.

Sources told Amwal Al Ghad that these banks have agreed on the conditions and the contributions of each bank in the EGP 2.5 billion loan. NBE will contribute with EGP 850 million, Banque Misr and CIB will contribute with EGP 650 million and HSBC will contribute with EGP 350 million, sources added.

As the loan book-runner, NBE will assign other banks to contribute between EGP 300 million and EGP 350 million and will keep the rest of his contribution totaled to EGP 850 million.

Mobinil will use the 7-year loan to finance future local expansions and refinance current debts.

A consortium compromising of NBE, CIB and NSGB offered EGP 2 billion loan to Mobinil last year of which NBE contributed with EGP one billion and CIB and NSGB offered EGP one billion.