Linatel Due to Receive AUB’S EGP5 mln Loan by Mid-Jan
As pursuant to a protocol worth EGP 150 million with Egypt’s Information Technology Industry Development Agency (ITIDA), Ahli United Bank (AUB) has approved on Tuesday to grant a EGP 5 billion loan to Linatel for Telecommunications Company.
Dr. Hamdy El Leithy – CEO of Linatel – stated that his company will receive a loan in the amount of EGP 5 billion from the AUB by mid-January. The loan is designed to fund the maintenance and installation of mobile phone networks works for Vodafone Egypt and Mobinil.
El Leithy further told Amwal Al Ghad that Linatel plans to get into new projects with the mobile operators within the first quarter of 2014, saying the current stage is witnessing a relative stability.
Moreover, El Leithy said the maintenance and installation works of mobile phone networks are suffering from clear slowness since June 30 demonstrations and till now, asserting on the importance of providing safety for the workers in Linatel.
El Leithy has also referred that the installation of the new equipments had also suffered due to the protests and theft cases in many governorates across the country especially for Mobinil and Vodafone networks which deal with Linatel.
Linatel was established in Jan 2010 with paid-up capital valued at EGP 20 million to provide world class services to contribute to the acceleration of advancement of the ICT sector.
