Etisalat Misr secures $1.24bn loan
Egyptian mobile operator plans to invest funds to expand its network.
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.