Vodafone Egypt in discussions for EGP4bn credit line

27 Oct 2014

Vodafone Egypt is reportedly negotiating a EGP4 billion (USD560 million) credit line with a consortium of seven banks, according to Reuters. A spokeswoman for the company was cited as saying: ‘The company is currently in the process of completion of the signing of a credit facility contract.’ Meanwhile, while she stopped short of disclosing what the funds would be used for, Egyptian financial newspaper al-Borsa has however suggested that the priority would be the modernisation of the operator’s network and improving services in the face of regular power blackouts. It is understood that the participating banks are Banque Misr, Commercial International Bank, Bank of Alexandria, HSBC, Barclays Bank, Emirates NBD and QNB Bank.

Egypt, Vodafone Egypt