In line with its commitment to support public services, AlexBank –a group of Intesa Sanpaolo Group) is contributing to the EGP 4 billion syndicated loan provided to Vodafone Egypt. The loan is to finance the Vodafone Egypt’s future expansion plans and working capital.
The amount of AlexBank’s credit facilities is EGP 650 million, also 16.25% of the total participation loan and the second highest share among those of 7 other banks chipping in to fund the Vodafone loan.
Following the signing ceremony on the loan agreement at Vodafone’s headquarters on Tuesday, Hassan Ghanem, Chief of Corporate, Investment Banking and financial Institutions, stated:
“The bank’s financial contribution to the improvement of the telecommunications network is part of AlexBank’s strategy to support national projects in Egypt. The bank has been involved in financing a number of infrastructure projects in line with the government’s directions to improve public services.”
” This participation reflects the bank’s confidence in the Egyptian economy and its strategy in financing mega projects and corporate in order to back the Egyptian economy and enhance its competitiveness via contributing in financing a number of infrastructure projects in many sectors , which cope with government’s plans in boosting economic situation and encourage investments in Egypt , backed by the solid financial position the bank has and its branches all over the governorates” Ghanem added.
Banks are milestone for backing huge national projects to achieve current economic development targets. Such a loan represents a trend for future projects; as a number of companies operating in Egypt will resort to banks for boosting their projects and enhancing their productive capacity.
