Orange Egypt approves €500 million loan from parent for 4G licence

Telecommunications firm Orange Egypt has approved a 500 million euro ($553 million) loan from its parent company to cover the cost of a licence that will let it operate fourth-generation mobile phone services, the company announced Monday.

The loan matures in December 2020 and will have an interest rate of 7 percent, the statement said. Orange Egypt is a subsidiary of French group Orange.

Source: Reuters