Telecom Egypt signed an agreement to secure a USD 200 million medium-term loan from Banque Misr, UAE. Banque Misr, UAE is the Mandated Lead Arranger and the Facility Agent. Given the favorable terms and conditions of this new facility, Telecom Egypt will use the loan to refinance its existing short-term facilities.

This loan comes at a timely manner as Telecom Egypt pursues a refinancing strategy to reduce its borrowing costs, assure adequate liquidity, and increase its financial flexibility. In 2023, Telecom Egypt strategically procured and settled its CapEX requirements upfront to hedge against expected FX fluctuations in 2024, and other unforeseeable risks. It is also worth highlighting that this five-year amortizing loan will be settled from the collection of Telecom Egypt's foreign currency revenues.