Telecom Egypt permissions – Creative Commons via Wikimedia
CAIRO – October 3, 2021: Telecom Egypt plans to secure a $ 500 million co-financed loan, which will be the company’s first return to global debt markets since 2018, sources told CNBC Arabia on Sunday.
The company has appointed First Abu Dhabi Bank and Mashreq Bank to organize the planned loan, which is expected to have a term of six years.
The loan, which the company is working to secure, gives banks a margin of about 3.25% on the US Libor rate.
The loan is expected to be used to fund the company’s short-term debt as well as capital spending, according to CNBC.
The Egyptian government owns 80% of Telecom Egypt, and it is the oldest telecommunications company in the region. It was established about 160 years ago and provides all terrestrial voice communications services, Internet services and mobile services.
Telecom Egypt operates in the telecommunication services sector, focusing on integrated telecommunication services. It has subsidiaries operating in the British Isles, Western Europe, North Africa and the Middle East.