Telecom Egypt has signed an agreement with Banque Misr UAE for a $200 million medium-term loan. The loan will be used to refinance existing short-term facilities. Mohamed Nasr, Managing Director and CEO of Telecom Egypt, stated that the loan will enhance the company’s liquidity base and allow for repayment of instalments aligned with cash flow from various foreign currency revenue streams.
In 2023, Telecom Egypt proactively addressed its capital expenditure needs to mitigate against anticipated forex fluctuations in 2024 and other potential risks. The five-year amortizing loan will be repaid using the company’s foreign currency revenues. Banque Misr UAE is the mandated lead arranger and facility agent for this loan.
