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Crédit Agricole Egypt Participates in a Banking Consortium of Thirteen Banks to Provide a Syndicated Loan of EGP 18 billion for Telecom Egypt

Cairo, October 30, 2024: Crédit Agricole Egypt has participated in a syndicated loan arrangement worth EGP 18 billion for seven years offered to Telecom Egypt, a leading company in the telecommunications sector in Egypt. The banking consortium consists of 13 banks, led by Commercial International Bank (CIB) and Banque Misr in their capacity as the Initial Mandate Lead Arrangers and Book-runners, along with the National Bank of Egypt acting as the Mandate Lead Arranger and Book-runner. “Zaki Hashem” and “ADSERO-Ragy Soliman & Partners” have been appointed as Lenders and Borrower’s legal advisors to conclude the financing.

The facility main purpose is to support the company’s financial structure, and it is intended to strengthen the telecommunications sector in Egypt as well as enhance the quality of services provided by telecommunications companies operating in the Egyptian market. The facility is also considered the largest banking finance arranged by Egyptian banks for a company operating in the telecommunications sector in Egypt.

Underlining the collaboration, Jean-Pierre Trinelle, Managing Director at Crédit Agricole Egypt commented “We are proud to support Telecom Egypt through this significant syndicated loan facilitated by a consortium of 13 banks. This collaboration reinforces our commitment to supporting Egypt’s vital sectors such as telecommunications, one of the fastest-growing sectors in the country. Our participation in this syndicated loan will help boost digital transformation and accelerate the shift towards digital economy. We are convinced that this financing will generate added value for all parties involved.”

Additionally, Mohamed Nasr, the Managing Director and CEO of Telecom Egypt, remarked: “We are pleased to have secured this long-term facility, which not only provides us with greater financial flexibility but also enables us to better align our liabilities with our income. We are confident that our ongoing debt restructuring program, which we initiated last May—coupled with our focused efforts to optimize CapEx allocation—positions us well to further enhance our financial position, capitalize on future opportunities, and continue to deliver value to our shareholders. The participation of leading banks in this transaction reflects their strong confidence in Telecom Egypt’s financial stability and growth prospects, further validating our strategic direction and long-term vision.”

The financing agreement was signed in the presence of the Top Executives of the participating banks, the Managing Director and CEO of Telecom Egypt, and task forces from all parties involved.

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