Etisalat's Egypt signs EGP 6bn loan with 10 banks

An alliance of ten banks signed a contract on Thursday to give an EGP6 billion loan for Etisalat's Egyptian telecom subsidiary Etisalat Misr. 

The telecom company is expected to use the money in funding its 4G license along other financial and operational requirements. 

The banks group included National Bank of Egypt, Commercial International Bank (CIB), QNB Alahli, HSBC and National Bank of Abu Dhabi (NBAD). It also included Alexandria Bank, National Bank of Kuwait (NBK), Credit Agricole and Emirates NBD Bank. 

Under the deal, the loan is sliced into two tranches under which Etisalat receives the first disbursement (EGP3.5 billion) to be paid back over seven years. The second tranche (EGP2.5 billion) would be paid back in installments over five years.