Telecom Egypt and Abu Dhabi Islamic Bank (ADIB) – Egypt have signed an agreement for a $200m short-term facility from the African Export-Import Bank (Afreximbank) to finance working capital and investments in Telecom Egypt’s infrastructure. ADIB, in its capacity as general coordinator and financing consultant, served as the financial adviser for the short-term facility.
ADIB Managing Director and CEO Mohamed Aly said that the bank’s participation in a deal of this size is evidence of its successful strategy for expansion and growth.
Ahmed El Beheiry, managing director of Telecom Egypt, said the company’s board had approved the short-term renewable financing facility. The deal, he said, would provide the necessary liquidity to finance the company’s working capital requirements and provide the necessary funding for investment at the lowest possible cost.
For his part, George Elombi, executive vice president for governance, legal, and corporate services, said that the funding will have a direct impact on developing the regional infrastructure, which serves as a life-giving vessel for many African countries.
He noted that the cooperation with TE will contribute in unlocking the full potential of telecommunications in Africa.
ADIB has become a major player over the past few years at the local and regional levels.