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Telecom Egypt denies suspension of LE 13 bn loan deal

Telecom Egypt (We) denied on Tuesday suspending a 13-billion-pound loan deal, a well-placed source at the company said.

In statements on Tuesday, the source said the deal is going on smoothly and did not hit a snag.

In June, the state-owned company - the main fixed-line operator - signed the loan agreement with five bank; namely the National Bank of Egypt, Banque Misr, Commercial International Bank (CIB), Qatar National Bank (QNB) and Crédit Agricole, to improve infrastructure to launch 4g services.

Telecom Egypt was the first company to buy a 4G licence from the government  last year for LE 7.08 billion.

The company reimbursed about LE 5.2 billion and the remaining sum of money will be paid within four years.

The company has recently launched mobile phone services.

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