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07 Jun 2018, Gergana Bencheva, EMIS Editor

Telecom Egypt secures USD 200m from Chinese banks to boost mobile business

Egypt's state-owned telephone company Telecom Egypt has received a loan for USD 200 million from a group of Chinese banks which would enable the operator to develop its 4G services in North Africa, EIU - Industry Briefings reported. The loan is due to be paid back in 48 months.

Among the Chinese banks that participated in the deal were Bank of China as well as China Export & Credit Insurance Corporation. The loan comes just after Telecom Egypt managed to secure another USD 200 million funding from the African Export-Import Bank.

The Egyptian group introduced its own mobile service under the WE brand in September 2017 in an attempt to focus on the segment due to fear of losing its monopoly in the country's fixed-line market, EIU - Industry Briefings reminded.

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