Mubasher: Cairo-based Telecom Egypt is raising a $500 million syndicated loan to boost operating and capital expenses, the UAE-based banks leading the transaction said.

The five-year facility arrangers, First Abu Dhabi Bank and Mashreq Bank, have begun syndicating the deal to other lenders, Reuters reported, citing the two banks.

Telecom Egypt, the 80% state-owned landline monopoly, is listed on the Egyptian Exchange (EGX) and the London Stock Exchange (LSE).