(MENAFN) Etisalat Misr signed a USD120 million triennial loan with HSBC and National Bank of Abu Dhabi, Arabian Business reported.
Each bank will give USD60 million to the Etisalat's Egyptian telecom subsidiary company. Etisalat owns 66 percent of Etisalat Misr.
According to Reuters calculations, the Egyptian unit accounted for USD326.71 million revenue in the third quarter.
The Egyptian unit had USD353.38 million of debt as of the third quarter, its fiscal statements said.
'The loans come in the context of our desire to diversify our sources of funding... to increase our competitiveness,' Etisalat Misr Chief Executive said in a statement.
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