Etisalat Egypt seeks $1.28b for expansion

11 May 2010

(MENAFN) Etisalat’s Egyptian unit said that it will borrow $1.28 billion for expansion and to improve services through a long-term loan that would include a $300 million portion denominated in dollars, Reuters reported.

The unit said in November it would spend $1.5 billion on its network over the next three years and would consider listing in Egypt, but did not say when.

It said at the time it had spent eight billion pounds since entering the market in 2007, when it became the most populous Arab country’s third mobile operator.

Etisalat still trails market leaders Mobinil and Vodafone Egypt. It is one of a number of Gulf Arab telecom operators that have expanded overseas after losing home monopolies.

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