Arrangers Of Mobinil Loan To Sign Final Agreement Soon

The banks arranging the EGP 2.9 billion syndicated loan for the Egyptian Company for Mobile Services Mobinil will sign the final loan agreement in the next days to finance the future local expansions and refinance current debts.

Sources told Amwal Al Ghad that loan consortium, encompassing of the National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB), National Societe General Bank (NSGB) and HSBC Bank, work currently on getting approvals from their boards of directors after signing the term sheet last July.

Sources expected NBE to contribute with EGP 850 million, Banque Misr to contribute with EGP 650 million, CIB to contribute with EGP 800 million, HSBC to contribute with EGP 400 million and NSGB to contribute with EGP 200 million to the seven-year term loan.

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