Loan deal still going on without problems: Telecom Egypt

CAIRO - 3 April 2018: Telecom Egypt denied reports claiming that there are problems concerning the LE 13-billion loan deal with five banks.

In statements to MENA on Tuesday, the source said the loan deal is going on normally.

The state-owned landline operator struck the loan deal with five banks; the National Bank of Egypt, Banque Misr, Commercial International Bank (CIB), Qatar National Bank (QNB) and Crédit Agricole, to improve its infrastructure to launch 4G services.

In June, the company's board approved the conditions of the loan - due to be paid back in eight years.

Telecom Egypt is the first company to buy a 4G licence from the government in August last year for LE 7.08 billion.

The company reimbursed LE 5.2 billion of the loan and the rest will be paid in four years.

The company has recently launched its mobile services.