Egypt Daily News – The arrangement of an 18 billion Egyptian pound syndicated loan by the Commercial International Bank – Egypt (CIB), Bank Misr, and the National Bank of Egypt for the Egyptian Telecommunications Company marks a significant development in Egypt’s telecommunications sector.
This loan, spanning a duration of 7 years, is the largest bank financing ever arranged by Egyptian banks for a telecommunications company.
The consortium is led by CIB and Bank Misr as the primary arrangers and bookrunners, with the National Bank of Egypt also assuming a lead role.
The loan is intended to support the financial structure of the Egyptian Telecommunications Company, enabling it to restructure short-term obligations and enhance financial flexibility, as expressed by CEO Mohamed Nasr.
The involvement of 13 banks underscores the confidence of the banking sector in Telecom Egypt’s financial stability and growth potential.
The legal counsel for this financing includes Zaki Hashem Office as the lender’s advisor and Adsero – Ragy Suleiman & Partners representing the borrower. CIB acts as the financing agent, contributing 4.875 billion EGP, with Banque Misr matching this amount, while the National Bank of Egypt contributes 2.5 billion EGP.
Leaders from the involved banks emphasized the importance of this funding for both the telecommunications sector and the broader Egyptian economy, highlighting the role of digital transformation and infrastructure enhancement.
Bank executives expressed commitment to supporting sustainable economic development, financial inclusion, and Egypt’s strategic goals for 2030 through such financial endeavors.
