Cairo, October 28- CIB- Egypt’s leading private-sector bank, along with Banque Misr and the National Bank of Egypt (NBE), has announced an EGP 18 billion financing package over seven years for Telecom Egypt, the country’s primary telecommunications company. This loan aims to bolster Telecom Egypt’s financial position and drive the sector’s growth.
CIB and Banque Misr were the co-lead arrangers for this business transaction, while NBE acted as the lead arranger and underwriter. Legal advisory was provided by Zaki Hashem & Partners, and Adsdero–Ragi Suleiman & Partners represented the borrower. CIB, as the facility agent, contributed EGP 4.875 billion, while Banque Misr, acting as the account bank, also contributed the same amount. NBE provided EGP 2.5 billion.
Commenting on the transaction, Mr. Amr El-Ganainy, Deputy CEO & Executive Board Member at CIB, said, “CIB is delighted to have acted as an arranger, underwriter, and facility agent for this joint financing directed towards one of the leading telecommunications companies in the Egyptian market. Telecom Egypt is a key pillar in driving the country’s telecommunications sector. CIB is committed to supporting and financing vital sectors that play a significant role in advancing other economic sectors.”
Mr. Hisham Okasha, Chief Executive Officer of Banque Misr, said, “Banque Misr is always committed to supporting and financing various business sectors, positively impacting the Egyptian economy. Our participation in leading this banking consortium reflects our belief in the potential of the telecommunications and information technology sector in Egypt, which has witnessed significant growth in recent years. It also demonstrates our commitment to supporting the government’s efforts to advance all economic sectors by strengthening the bank’s role in driving economic development and contributing to the financing of national projects.”
Mr. Mohamed El-Etreby, Chief Executive Officer of NBE, stated, “NBE is always keen on arranging joint financing for infrastructure projects, especially in the telecommunications sector, which is the cornerstone of building a sustainable digital economy, promoting financial inclusion, and strengthening Egypt’s regional and international standing as a hub for information technology, knowledge, and innovation. This contributes to achieving Egypt’s sustainable development goals by 2030.”
Mr. Mohamed Nasr, Managing Director and Chief Executive Officer of Telecom Egypt, said, “We are pleased to receive this long-term loan, which enables us to restructure our short-term obligations, thereby enhancing the company’s financial position. This loan will contribute to greater financial flexibility, allowing us to achieve greater alignment between our obligations and financial resources. I am confident that the debt restructuring program, which began in May, coupled with our efforts to increase the efficiency of capital expenditure allocation, will strengthen our financial position, enabling us to capitalize on future opportunities and continue to maximize shareholder value.”
The signing ceremony was held in the presence of representatives from the participating banks, as well as Telecom Egypt’s Managing Director and Chief Executive Officer.