Telecom Egypt has signed a financing agreement with 11 allied banks to obtain a $500 million medium-term syndicated loan.

The banks involved in the transaction include First Abu Dhabi Bank, Mashreq Bank, Bank of Jordan, and the Arab Bank of Bahrain.

“International Financial Institutions trusted us in the past three years, and it enabled Telecom Egypt to obtain a syndicated loan again estimated at EGP7.8 billion ($500 million),” Adel Hamed, director and chief executive officer of Telecom Egypt, said.

 

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