Etisalat Misr inks USD120m loan agreement

17 Feb 2015

Etisalat Misr, the Egyptian subsidiary of UAE-based Etisalat, has reportedly signed a USD120 million, three-year loan with HSBC and National Bank of Abu Dhabi, according to Reuters. With each bank to provide USD60 million, Etisalat Misr’s chief executive Saeed al-Hamli was cited as saying of the matter: ‘The loans come in the context of our desire to diversify our sources of funding … to increase our competitiveness.’

According to TeleGeography’s GlobalComms Database, Etisalat Misr is the country’s smallest cellco in terms of customers, with 23.520 million mobile subscribers at the end of September 2014, giving it 24.6% of the market. By comparison, larger rivals MobiNil and Vodafone Egypt accounted for 34.2% and 41.2% of the country’s wireless sector, respectively.

Egypt, Etisalat Misr