Four banks provide loan of EGP1bn to Mobinil
05/08/2014 9:10 am EDT


share with your network:




The National Bank of Egypt (NBE) will provide the telecommunications company Mobinil with a supplementary loan of EGP 500m, and the Egyptian Gulf Bank will provide for a loan of EGP 120m, according to sources from the participating banks, Daily News Egypt has reported. NBE, the Gulf bank and several others banks are involved in providing loans to Mobinil that will total EGP 1bn, the sources said. Blom Bank Egypt will provide EGP 70m, while the initial amount the Industrial Development & Workers Bank of Egypt will provide is EGP 125m. Mobinil had signed contract for a syndicated loan of EGP 815m, which was subject to increase to EGP 1bn, with the aforementioned four banks. The company will use the loan to fund growth capital to expand its mobile network and other operational uses. This will in turn help Mobinil improve and maintain the quality of its services.

About the Author



share with your network:


Share your view



© 1996-2015 Media quest FZ LLC A media and entertainment company
Middle East Main Office
[email protected]
© 2015 Dubai Business | Ameinfo . All rights Reserved.