(Ecofin Agency) - Chinese financial institutions, Bank of China and China Export & Credit Insurance Corporation, have signed a $200 million loan agreement with Telecom Egypt, an Egyptian State-owned company.

This 4-year agreement (with a 2-year grace period) was arranged by the Chinese company Huawei Technologies on behalf of the Egyptian company.

“Telecom Egypt has several strategic long-term expansion plans to be delivered in the coming years. To achieve such plans, we have worked on attaining long-term financing at the lowest possible cost as well as the most convenient payment terms to match our cash flow generation while proceeding with our rollout plans,” Telecom Egypt’s MD Ahmed El Beheiry said.

Chamberline Moko