Telecom Egypt Strengthens Cash Flow with New $370M Loan
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Mohamed Nasr, Telecom Egypt Managing Director & CEO
Telecom Egypt has secured a syndicated loan worth EGP 18 billion ($370 million), marking a strategic move to strengthen its financial position and enhance liquidity. The financing is backed by a consortium of 13 banks, led by Commercial International Bank (CIB), Banque Misr, and the National Bank of Egypt, which will serve as Mandated Lead Arrangers and Bookrunners. This seven-year loan facility aims to refinance Telecom Egypt's short-term EGP commitments, aligning its liabilities with revenue streams for improved cash flow.
CEO Mohamed Nasr noted that the refinancing aligns with the company’s ongoing debt restructuring and capital optimization efforts, which are designed to support long-term growth and deliver value to shareholders. Earlier in May 2024, Telecom Egypt also secured a $200 million loan from Banque Misr in the UAE, repayable over five years, to renew short-term debts using foreign currency earnings.
The National Bank of Egypt’s CEO, Mohamed El-Etreby, emphasized the institution’s commitment to supporting infrastructure financing within the tech sector. This syndicated loan contributes to Egypt’s Vision 2030, promoting a sustainable digital economy, financial inclusion, and positioning Egypt as a regional IT leader.
Source: Abdullah Ajibade / TechPoint Africa
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