Cairo - Mubasher: Orange Egypt for Telecommunications has signed a seven-year contract with eight banks for a loan totalling EGP 7 billion.
The telecom operator signed the financing agreement with the Commercial International Bank (CIB), National Bank of Egypt (NBE), Banque Misr, Bank of Alexandria, HSBC, Emirates NBD, Credit Agricole, and Attijariwafa Bank.
Orange will use the loan to expand its capital and continue working on upgrading the quality of its network for all subscribers, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.
It added that the loan will also be used to refinance EGP 4.3 billion in existing loans.
The contract allows a two-year grace period, with repayment expected in five years, Orange concluded.
