Cairo – Mubasher: Egypt-based SICO Technology is currently negotiating with four local banks to obtain soft loans worth a combined EGP 550 million.
The Egyptian mobile phones and tablets manufacturer aims to boost its investments in the Egyptian market over the coming next year through the financing, Amwal Al Ghad reported, citing SICO’s chairman Mohamed Salem.
The company has obtained soft loans worth EGP 172 million from Banque Misr, in addition to EGP 40 million from Qatar National Bank Al Ahli (QNBA), according to sources familiar with the matter.
In July, SICO exported the first shipment of its products to Kuwait, including 1,200 smartphones and 2,000 tablets.
In June, the company exported the first shipments of its mobile phones manufactured at Assiut Technology Park to the UAE.
