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| 13 August, 2018

Telecom Egypt to raise $500mln syndicated loan led by UAE banks

First Abu Dhabi Bank and Mashreqbank, mandated to jointly arrange the five-year facility, have begun syndicating the deal to other lenders

Egyptian people are seen in front of the Ministry of Communications and Information Technology and the headquarters of Telecom Egypt in Cairo, Egypt, September 21, 2017.

Egyptian people are seen in front of the Ministry of Communications and Information Technology and the headquarters of Telecom Egypt in Cairo, Egypt, September 21, 2017.

REUTERS/Amr Abdallah Dalsh

DUBAI  - Telecom Egypt, the country's largest internet provider, is raising a $500 million syndicated loan for capital and operating expenditure, according to a statement from banks leading the transaction.

First Abu Dhabi Bank and Mashreqbank, mandated to jointly arrange the five-year facility, have begun syndicating the deal to other lenders, they said.

Telecom Egypt is 80 percent state-owned, with the remainder of its shares listed on the Egyptian and London stock exchanges.

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The loan is the latest of a number of debt facilities raised by Egyptian borrowers over the past few months, suggesting improved business conditions in the country under a $12 billion three-year IMF loan programme tied to fiscal and economic reforms. 

(Reporting by Davide Barbuscia Editing by David Goodman) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))