Mobinil Gets EGP 1.15 Bln First Tranche Of EGP 2.9 Bln Loan

The Egyptian Company for Mobile Services (Mobinil) received EGP 1.150 billion worth of the first tranche of the EGP 2.9 billion loan arranged by 5 banks last September.

Sources told Amwal Al Ghad that the National Bank of Egypt (NBE) will ask banks to contribute EGP 350 million to the value it considers to provide (EGP 850 million) and the Commercial International Bank (CIB) will ask banks to contribute EGP 300 million to the value it considers to provide (EGP 800 million) by the beginning of next month.

Banque Misr (BM) will contribute EGP 650 million to the loan, and it has not decided whether it will asks other banks to contribute to such value or not.

HSBC Bank and National Société Générale Bank (NSGB) will contribute to the loan with EGP 400 million and EGP 200 million respectively.

The loan will be used to finance the expansion of the company’s cellular network and repayment of some of the operator’s debts. A consortium comprising 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.