Djezzy secures USD1bn loan from ‘large national bank’

Mergers, Acquisitions and Financial Results

Vincenzo Nesci, president and CEO of Algerian mobile operator Djezzy GSM, has reportedly revealed that the company secured a USD1 billion loan from an unnamed ‘large national bank’, Agence Ecofin reports. The executive disclosed the development on the sidelines of an Extraordinary General Meeting (EGM) of Vimpelcom subsidiary Global Telecom Holding (GTH), which saw the approval of the sale of 51% of Djezzy to the Algerian National Investment Fund (Fonds National d’Investissement [FNI]) for USD2.64 billion. The funding will be granted after the conclusion of the deal, and will reportedly be used to strengthen Djezzy’s position in the Algerian market by developing its network infrastructure.

Source: Telegeography