Vodafone Egypt Seeks Inking Loan worth EGP4bn with 7 Banks

Vodafone Egypt is seeking to sign loan worth EGP4 billion with 7 banks in banking sector before the end of the current year.

The banks are now in the final approvals stage and the preparation of contracts to sign loans before the end of the current year so as to cover all the financial needs of Vodafone, Official banking source said.

Amwal Al Ghad published in March the negotiations between Vodafone and the seven banks including  Commercial International Bank (CIB), Banque Misr, Bank of Alexandria , HSBC, Barclays, Emirates NBD, Qatar National Bank (QNB) and National Bank of Egypt (NBE) to obtain EGP4 billion loan.

Banque Misr will seize EGP900 million from the loan and CIB and Bank of Alexandria will participate with EGP650 million market share , HSBC takes part with EGP600 and EGP400 million for each of Barclays, Emirates NBD and QNB.