ABC Contributes EGP 143 Mln To Credit Facility For Vodafone Egypt

The Arab Banking Corporation Egypt approved to contribute EGP 143 million to the credit facilities for Vodafone Egypt.

Sources said Vodafone targets to secure €30 million (above EGP 240 million) from ABC, Crédit Agricole Egypt and Alex Bank.

The finance, which has term of 270 days, is the third facility to be received by the company in 2012. The three banks had earlier provided Vodafone Egypt with €40 million (more than EGP 320 million) in Q1 of 2012. The company also secured an EGP 145 million loan in Q3 of 2012.

Vodafone Egypt allocated EGP 2.5 billion for 2013 to expand mobile capabilities in order to accommodate the expected increase of customers, in addition to maintaining and improving mobile towers and operating systems.

Vodafone Egypt achieved revenues of more than EGP 8.85 billion during the first nine months of 2012, raising its net profit to EGP 2.1 billion for the same period. The number of subscribers for Vodafone Egypt reached 38.2 million at the end of last September. The company acquired a market share of more than 40.7%.

A report issued by the National Telecommunication Regulatory Authority (NTRA) for Q3 in 2012 showed that the Egyptian Company for Mobile Services (Mobinil) acquired the first rank in terms of quality of voice service in Cairo, followed by Etisalat Misr and then Vodafone. Mobinil was also in the first position in data transfer services, followed by Etisalat and Vodafone.