Telecom Egypt, Abu Dhabi Islamic Bank sign dlrs 200m deal

CAIRO - 22 May 2018: Telecom Egypt (We) signed on Tuesday with the Abu Dhabi Islamic Bank in Egypt a 200 million-dollar deal for financing investments into the company's infrastructure.

The company's CEO, Ahmed el Beheiri, said the company's board approved a short term credit line offered by the bank in order to secure liquid money to develop the company's infrastructure.

Meanwhile, George Elombi, the Executive Vice President African Export–Import Bank (AFREXIMBANK), said the deal will have a direct impact on developing the regional infrastructure network.

It will also help in launching several communication services in Africa, he said.

CEO of the Abu Dhabi Islamic Bank in Egypt Mohamed Aly hailed the deal as a cogent proof of the bank's effective strategy for realizing growth and promoting cooperation with local and international companies and institutions.