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Telecom Egypt signs a new $500 million medium-term syndicated loan deal

Telecom Egypt has signed a new $500 million medium-term syndicated loan deal in order to strengthen its capital expenditure and refinance existing short-term facilities.

The loan, which was oversubscribed by 2.7 times, will help the company convert its “short-term USD overdrafts into longer-term loans to enable the company to repay instalments in line with its cash flow generation,” Managing Director and CEO of Telecom Egypt, Adel Hamed, said.