Etisalat Egypt receives $120m Bank of Abu Dhabi and HSBC loan

Etisalat Egypt has signed an agreement with the National Bank of Abu Dhabi (NBAD) and HSBC for a $120m loan, $60m from each bank, to be repaid within three years.

Engineer Said El-Hamly, Executive Director of Etisalat Egypt, said the cooperation with the two banks comes along with the company’s strategy to keep pace with communications technology developments. He added that the loan comes as part of diversifying funding sources to build the company’s strategic status, and fund future growth to increase competitiveness.

Etisalat Egypt has repaid the last portion of the $300m loan it received from several banks in 2010 through premiums. The loan was fully repaid in 2014.

The telecommunications company has offered its services in the local market since 2007, after receiving a licence to provide mobile services as Egypt’s third service provider. The number of Etisalat Egypt customers currently stands at 22.1 million, out of 95.2 million users in the local mobile market.