Orange Egypt receives EGP 7 bn syndicated loan from eight banks

Orange Egypt has signed for an EGP 7 bn syndicated loan with eight banks to refinance its existing EGP 4.3 bn debt (incurred mostly in the acquisition of a 4G license) and finance its expansion plans in Egypt, according to a company statement. The lending banks are CIB, NBE, Banque Misr, Alex Bank, HSBC, Emirates NBD, Crédit Agricole, and Attijariwafa Bank. CIB will manage and facilitate the loan for Orange Egypt. The company had said it saw two consecutive years of losses, in part due to the 700 bps interest rate hike, which drove up financing costs.