TE to reach financial close on USD 550 mn loan from UAE banks next week

State-owned Telecom Egypt will reach financial close next week on a five-year USD 550 mn syndicated loan jointly arranged by Emirati banks Mashreqbank and First Abu Dhabi Bank, unidentified sources told Al Mal. The Union National Bank and Arab Banking Corporation were among entities that participated in providing the loan, which, according to a statement cited by Reuters last month “will be used to support capital and operational expenditures.”