Vodafone Egypt targets to secure a credit facility ranging from €25 million to €30 million in the next few days.
Sources said Crédit Agricole Egypt, Arab Banking Corporation (ABC) and Alex Bank will arrange the facility to the mobile operator in order to improve networks and G3 mobile services.
The loan, which has term of 270 days, is the third facility to be received by the company in 2012. The three banks had earlier provided Vodafone Egypt with €40 million (more than EGP 320 million) in Q1 of 2012. The company also secured an EGP 145 million loan in Q3 of 2012.
Vodafone Egypt allocated EGP 2.5 billion for 2013 to expand mobile capabilities to accommodate the expected increase of customers, in addition to maintaining and improving mobile towers and operating systems.
A report issued by National Telecommunication Regulatory Authority (NTRA) for Q3 in 2012 showed that the Egyptian Company for Mobile Services (Mobinil) acquired the first rank in terms of quality of voice service in Cairo, followed by Etisalat Misr and then Vodafone. Mobinil was also in the first position in data transfer services, followed by Etisalat and Vodafone.
