The banks, which are arranging a loan for the Egyptian Company for Mobile Services (Mobinil), will ask other banks to contribute EGP 650 million to the EGP 2.9 billion loan.
Sources told Amwal Al Ghad that the National Bank of Egypt (NBE) will ask banks to contribute EGP 350 million of its share amounting to EGP 850 million and the Commercial International Bank (CIB) will ask banks to contribute EGP 300 million of its share amounting to EGP 800 million. Banque Du Caire may contribute EGP 300 million to the loan, sources added.
Banque Misr (BM) will contribute EGP 650 million, HSBC Bank will contribute EGP 400 million and National Société Générale Bank (NSGB) will contribute EGP 200 million to the loan.
The loan will be used to finance the expansion of the company’s cellular network and repayment of some of the operator’s debts. A consortium comprising of NBE, CIB and NSGB offered EGP 2 billion loan to Mobinil last year to which NBE contributed with EGP one billion and CIB and NSGB provided EGP one billion.
