Vodafone Egypt intends to pump investments worth EGP 3.5 billion (US$ 458.6 million) to upgrade its network in 2015, CEO Ahmed Essam said Tuesday.
Bumping those investments comes among Vodafone Egypt’s tripartite plan that aims to pump EGP 9.5 billion-investments to develop the infrastructure, Essam told Amwal Al Ghad.
Vodafone Egypt relies on self resources in funding the targeted investments, Essam added, asserting that it has not withdrawn any cash flow from the credit line that has been signed with seven banks in 2014.
In November 2014, Vodafone Egypt has signed EGP4 billion-credit line ($560 million) with a consortium of seven banks.
The seven banks are Banque Misr seizing EGP 900 million as major arranger, Commercial International Bank (CIB) with EGP650 million, Bank of Alexandria EGP 650 million, while HSBC captures EGP 600 million and Barclays Bank, Emirates NBD and QNB Bank with EGP 400 million from each bank.
Vodafone started negotiations over the loan in October.
Furthermore, the CEO noted that withdrawing from the credit line is depending on firm’s monthly expenses compared to what it is available for operational or investment expenses.
Moreover, Vodafone Egypt- seizing the largest market share- has attained net profits in 2014 worth EGP 1.8 million and revenues estimated at 13.5 billion in the same year.
