Four banks provide loan of EGP1bn to Mobinil

August 5, 2014 9:10 am

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.