Telecom Egypt to secure $720.2 mln loan to develop services

23 June 2017

Mergers, Acquisitions and Financial Results

Egypt's state-owned landline monopoly Telecom Egypt will secure a loan of up to 13 billion Egyptian pounds ($720.22 million) to improve infrastructure and mobile internet services, Chief Executive Ahmed El Beheiry told Reuters on Thursday.

The board approved the loan conditions on Wednesday, and El Beheiry said it would be paid back over eight years.

Telecom Egypt was the first company to buy a 4G licence from the government in August last year for 7.08 billion Egyptian pounds, and expects to begin offering mobile services in September. ($1 = 18.0500 Egyptian pounds) (Reporting by Ehab Farouk; Writing by Nadine Awadalla; editing by Susan Thomas)

Source: Reuters