Telecom Egypt and Abu Dhabi Islamic Bank – E (ADIB - Egypt) announced the signing of a US$200 million 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 advisor for the short-term facility.
Mr. Mohamed Ali, CEO and Managing Director of ADIB, said "We are proud to have been involved in a transaction of this size. It is a testament of ADIB Egypt's growth and expansion strategy and its commitment to support cooperation efforts with both local and international companies and institutions. The success we've had in managing and coordinating this deal is yet another chapter in the bank's success story in Egypt, which was validated with the award for Best Islamic Financial Institution in Egypt 2018. It also gives us even more motivation to continue providing the highest quality products and services."
Eng. Ahmed El Beheiry, Managing Director and CEO of Telecom Egypt added: "Telecom Egypt's Board of Directors had approved the short-term renewable financing facility from the African Bank for Import and Export, managed by Abu Dhabi Islamic Bank, for a maximum of US$200 million. This deal will provide the necessary liquidity to finance our working capital requirements and provide the necessary funding for investment at the lowest possible cost."
Dr. George Elombi, Afreximbank's EVP for Governance, Legal and Corporate Services stated: "This transaction has a direct impact on the development of the regional infrastructural network that serves as a lifeline for many African countries. Such cooperation will make significant contributions towards unlocking the full potentials of telecommunications in Africa and delivering the much-needed developmental impact on the continent."