Telecom Egypt gets $200 mln Afreximbank loan

Telecom Egypt, the state’s landline monopoly, has signed Tuesday a $200 million loan with Africa Export and Import Bank (Afreximbank) to finance working capital and infrastructure investments.

Abu Dhabi Islamic Bank (ADIB) – Egypt has served as the financial advisor for the short-term facility, a statement by Telecom Egypt said.

Ahmed El Beheiry, Managing Director of Telecom Egypt, said the board had approved the short-term renewable financing facility.

“This deal will provide the necessary liquidity to finance our working capital requirements and provide the necessary funding for investment at the lowest possible cost.” Beheiry said.

“This transaction has a direct impact on the development of the regional infrastructural network that serves as a lifeline for many African countries.” George Elombi, Afreximbank’s EVP for Governance, Legal, and Corporate Services, said.

“Such cooperation will make significant contributions towards unlocking the full potentials of telecommunications in Africa and delivering the much-needed developmental impact on the continent.” Elombi added.