Etisalat Misr secures $1.24bn loan

Egyptian mobile operator plans to invest funds to expand its network.

Tags: EgyptEtisalat Misr
  • E-Mail
Etisalat Misr secures $1.24bn loan Etisalat Misr is keen to maintain a technological lead in the competitive Egyptian mobile market. (Getty Images)
By  Roger Field Published  December 23, 2010

Etisalat's Egyptian unit, Etisalat Misr, has secured an EGP7.2 billion ($1.24bn) loan from 25 banks to fund expansion and investment in new technology.

Etisalat Misr signed the deal with 25 banks including National Bank of Egypt, Banque Misr and National Bank of Abu Dhabi.

"This loan will be used to finance future expansion of the company. The expansion includes the continuing increase of coverage stations and offering the latest technology in the mobile field for subscribers and for developing and modernising current stations," the company said in a statement.

Etisalat Misr, which is Egypt's third mobile operator, competes with Mobinil and Vodafone Egypt.

The telco has invested heavily in its network since its launch in Egypt in 2007, and became the first mobile operator to launch an HSPA+ network earlier this year.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code