HSBC, NBAD provide Etisalat Misr with $120m loan

Etisalat Misr on Sunday signed a $120 million facility with the HSBC and the National Bank of Abu Dhabi (NBAD).
The company will get $60 million from each bank, to be repaid on 3 years, Etisalat said in a statement.
Etisalat Misr added that it seeks to provide better services in order to meet it customers' aspirations and suit the company's advanced position in the Egyptian market.
The company said that cooperation with NBAD and HSBC comes as part of his company's strategy aimed to cope with technological developments in the telecoms sector.
The facility is part of our efforts to diversify financing sources to build the company’s strategic position and fund future growth to boost competitive capability, the company added.
Etisalat Egypt has repaid the last portion of the $300m loan it received from several banks in 2010 through premiums. The loan was fully repaid in 2014.