Wataniya secures US$1bn in credit

Kuwaiti operator Wataniya has signed a US$1 billion credit facility with leading local and foreign banks.

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By  Administrator Published  February 22, 2007

Kuwaiti operator Wataniya has signed a US$1 billion credit facility with leading local and foreign banks.

The US$1 billion deal with European, Asian, Middle Eastern and Kuwaiti financial institutions is a three-year revolving credit facility with an extension option of a further two years.

The operator said it plans to use the facility to finance its continued growth and expansion of its business.

"Wataniya Telecom appreciates the trust of its partners and assures them that the company will remain focused on achieving growth with its long-standing, prudent and sound investment strategy," said Faisal Al-Ayyar, chairman of Wataniya. "Wataniya Telecom is now recognised as a leader in innovation in its market, but has also gained the recognition from its stakeholders and the global financial community for being a solid and a rewarding investment."

Wataniya has a foothold in Iraq, Tunisia, the Maldives, Saudi Arabia and Algeria, as well as its home country of Kuwait.

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