Housing and Development Bank (HDB) has approved to contribute EGP 300 million to the EGP 2.9 billion loan arranged for the Egyptian Company for Mobile Services (Mobinil) that will finance the expansion of the company’s cellular network and repayment of some of the operator’s debts.
Sources said HDB has sent a final approval to the Commercial International Bank (CIB) last week, affirming that the bank still studies whether to provide the total value of its contribution or to ask other banks to contribute to it.
HDB is the second bank that approved contributing to the loan after Ahli United Bank approved to contribute EGP 200 million to the loan.
The National Bank of Egypt (NBE) and CIB plan to ask other banks to contribute EGP 650 million to the loan, while they will contribute with EGP 1 billion.
The loan arrangers will provide the following values: NBE (EGP 850 million), CIB (EGP 800 million), Banque Misr (EGP 650 million), HSBC (EGP 400 million) and National Société Générale Bank (EGP 200 million).
A consortium comprised of NBE, CIB and NSGB had earlier offered EGP 2 billion loan to Mobinil to which NBE contributed with EGP one billion and CIB and NSGB provided EGP one billion.
