Egyptian telecom operator Mobinil said on Wednesday it was arranging a LE 2 billion ($346 million) medium-term loan to expand its network and finance other general expenses, Reuters reported.
The Egyptian Co. for Mobile Services (Mobinil) has appointed three local banks to arrange a LE 1 billion ($173 million) “bridge loan,” to finance the company’s network expansion, Bloomberg reported.
The lenders are Commercial International Bank, National Societe Generale Bank and the National Bank of Egypt; and the loan will be paid off using a LE 2 billion medium-term loan from the same banks, it said.
The funds will be used to expand the operator’s 3G coverage and upgrade its network, as well as that of its internet service provider LinkdotNet, CEO Hassan Kabbani told Bloomberg.
