MobiNil mulling loan options for expansion

25 Oct 2010

Egyptian mobile network operator MobiNil is examining the option of borrowing some EGP2 billion (USD347 million) to cover the cost of expanding both its network and services, according to Reuters citing local press reports. It is understood that the size of the loan under consideration will depend on market conditions as well as talks with Commercial International Bank (CIB) and state-owned National Bank of Egypt; the country’s central bank has reportedly blocked any further borrowing to MobiNil because its creditor banks have reached the limit of how much they can lend to a single client. Local daily Al-Mal noted that MobiNil CEO Hassan Kabbani had asked the two banks in question to make an exception for his company as it had incorporated its financial accounts into those of one of its major shareholders, France Telecom.

Egypt, Orange Egypt