Orange Egypt secured a LE 7 billion loan from a consortium of eight banks that will be paid over seven years.
The loan comes after Orange announced an increase in its paid capital to reach LE 15.3 billion.
The loan will be used to refinance the company’s current loans with LE 4.3 billion, while the remaining LE 2.7 billion will cover new capital expenditures needed to complete the 4G network and to finance the company’s expansions in the market.
The consortium includes the Commercial International Bank (CIB), the National bank of Egypt (NBE), Bank of Alexandria, HSBC, Emirates NBD, Crédit Agricole and Attijariwafa bank Egypt.
Orange Egypt’s CEO Jean-Marc Harion said that the loan will help the company pay its debts and accelerate the company’s growth in the market as well as improving its performance.
Recent figures show that Orange Egypt saw a 35.3 percent decline in losses in 2017, to stand at LE 1.65 billion, compared to LE 2.55 billion in 2016.