Telecom Egypt, Huawei sign $200M long term financing agreement



Wed, 30 May 2018 - 03:05 GMT


Wed, 30 May 2018 - 03:05 GMT

Telecom Egypt permises - Creative Commons via Wikimedia

Telecom Egypt permises - Creative Commons via Wikimedia

CAIRO - 30 May 2018: Telecom Egypt (We) signed on Wednesday with Huawei Technologies Company a $200 million long-term financing agreement provided from a number of Chinese financial institutions, which are Bank of China and China Export & Credit Insurance Corporation (Sinosure).

Telecom Egypt said in a filing to the Egyptian Exchange (EGX) that Huawei contributes in the agreement by providing competitive financing conditions for the Egyptian company to finance the establishment of the 4G network and develop the firm’s infrastructural networks.

According to the statement, the facility extends for 48 months with a grace period of up to 24 months.

Telecom Egypt seeks to implement a number of expanding plans during the upcoming years, so the company is working on being provided by a long term facility to finance these expansions, the company's CEO Ahmed el Beheiri said.

He added that the facility provides Telecom Egypt with financial solutions that ease the purchasing process, enabling Huawei to expand its business in Egypt.

On May 22, Telecom Egypt signed with the Abu Dhabi Islamic Bank in Egypt a $200 million deal for financing the company's infrastructure.

Established in 1854, Telecom Egypt is a public company, listed on the EGX since December 1999.

It operates within the telecommunication services sector, focusing on integrated telecommunication services, with 17 subsidiaries operating across the British islands, Western Europe, North Africa and the Middle East.



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