NBE To Arrange EGP 2.6 Bln Loan For Mobinil

The National Bank of Egypt (NBE) will arrange a syndicated loan of EGP 2.6 billion (USD 420 million) for the Egyptian Company for Mobile Services , known by its brand name of Mobinil, a senior bank executive said.

Mobinil, which has about 33 million subscribers at the end of March 2012, has indicated that it will use the facility to develop infrastructure and increase the capacity of its broadband network, said Mahmoud Montasser, board member and head of credit at NBE, according to Zawya.