Cairo – Mubasher: Telecom Egypt (TE) said Thursday that its board of directors has approved conditions for a syndicated loan worth EGP 13 billion and to appoint the National Bank of Egypt (NBE) as a loan agent for the loan.

The board agreed to authorise the company’s chairman and CEO to complete the procedures with the banks participating in the loan, namely Commercial International Bank – Egypt (CIB), QNB AlAhli Bank, Banque Misr, and Crédit Agricole, according to a bourse filing.

Furthermore, the board approved to amend Article 21 of the company’s statute. The proposal will be submitted to the extraordinary general meeting (EGM) for discussion.