State-owned Telecom Egypt is looking for some USD 500 mn in financing from a syndicate of international banks, unnamed banking sources told CNBC Arabia. The company has appointed the First Abu Dhabi Bank and Mashreq Bank to arrange the facility, which is expected to have a six-year repayment term. We were unable yesterday to reach a company representative for comment.

This will be the first time the company taps international debt markets since 2018, when TE borrowed USD 500 mn from a syndicate of 14 Arab, Asian and British banks.

The funding will be used to refinance the company’s short-term debt and fund capital expenditure, CNBC suggests.

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