Telecom Egypt has signed an agreement to secure a $200 million medium-term loan from Banque Misr UAE.

The Telecom Egypt will use the loan to refinance its existing short-term facilities. Mohamed Nasr, Managing Director and CEO said the loan "will complement our existing liquidity base and enable us to repay instalments in line with the cash flow generation from our different foreign currency revenue streams".

In 2023, Telecom Egypt strategically procured and settled its capital expenditure requirements upfront to hedge against expected forex fluctuations in 2024, and other unforeseeable risks.

The five-year amortizing loan will be settled from the collection of Telecom Egypt's foreign currency revenues.

Banque Misr UAE is the mandated lead arranger and facility agent.

(Reporting by Brinda Darasha; editing by Seban Scaria)