Etisalat Egypt inks $132.38mln financing deal with CIB

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Etisalat Egypt by e& and the Commercial International Bank (CIB) penned a financing agreement worth EGP 4 billion to back the telecom firm’s expansion plans, according to a press release.

Hazem Metwally, CEO of Etisalat Egypt, indicated that the deal aligns with Etisalat Egypt’s growth objectives to foster its services and develop enhanced solutions in order to meet the various needs of customers.

Metwally also highlighted that this collaboration anchors the company's contribution to Digital Egypt in line with Egypt’s Vision 2030.

The CEO noted: “Etisalat Egypt is keen on investing in infrastructure that provides the best-integrated technology services to our customers, and keeps pace with the huge increase in data usage rates across Egypt.”

Meanwhile, Amr El-Ganainy, CEO of Institutional Banking at CIB, said: “This partnership reflects the CIB’s role in supporting businesses in the [information and communications technology] ICT sector.”

El-Ganainy concluded: “[It] will further contribute to achieving Etisalat Egypt’s strategy in a way that scales up the company's financial position in the market and thus achieves more future business success.”

In the first nine months (9M) of 2022, CIB witnessed consolidated net profits worth EGP 12.19 billion, higher than EGP 9.87 billion in 9M-21.