Monday 13, August 2018 by Kudakwashe

Telecom Egypt secures $500 million syndicated loan led by UAE banks


First Abu Dhabi Bank (FAB) and Mashreqbank, have begun syndicating the deal to other lenders.

Telecom Egypt has secured a $500 million syndicated loan for capital and operating expenditure, reported Reuters.

The loan which is the latest among a number of debt facilities raised by Egyptian borrowers over the past few months, suggest improved business conditions in the country under a $12 billion three-year IMF loan programme.

The country’s largest internet provider is 80 per cent state-owned and the remaining shares are listed on the Egyptian and London stock markets.



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