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TE, Afreximbank ink $200m financing deal

TE, Afreximbank ink $200m financing deal
TE has signed a $200 million short-term facility with Afreximbank
Telecom Egypt
ETEL
-1.36% 37.78 -0.52

Cairo – Mubasher: Telecom Egypt (TE) has signed a $200 million short-term facility with the African Export-Import Bank (Afreximbank) for capital financing and investments in infrastructure.

Abu Dhabi Islamic Bank Egypt (ADIB) was the financial advisor for the deal, TE said in a filing to the Egyptian Exchange (EGX) on Tuesday.

This facility aims to provide cash buffers for working capital and finance investments, TE’s managing director and CEO Ahmed El Beheiry.

Earlier this month, the board of TE had approved to obtain long-term facilities worth $900 million.

On Monday, TE announced that its subsidiary Egyptian International Submarine Cables Co (EISCC) has implemented an agreement to buy Orascom Telecom Media and Technology Holding’s (OTMT) share in its subsidiary MENA Cable at a value of $90 million.