ANNOUNCEMENT 22 May 2018
In May 2018, under the coordination of Abu Dhabi Islamic Bank of Egypt, the African Export-Import Bank (Afreximbank) announced providing Telecom Egypt finance for its working capital needs and infrastructure investment in Egypt and other African countries.
NUMBER OF INTERVENTIONS
Telecom Egypt Secures $200 Million Afreximbank Financing Facility. Afreximbank News. 23 May 2018. Available at https://www.afreximbank.com/telecom-egypt-secures-200-million-afreximbank-financing-facility/
On 23 May 2018, the African Export-Import Bank (Afreximbank) signed an agreement for a short-term dual tranche facility with Telecom Egypt under the coordination of Abu Dhabi Islamic Bank of Egypt.
In this context, the USD 200 million financial support will be used to acquire a cross-border marine cable and finance the infrastructure needs of the company.
According to the Afreximbank: "The facility is expected to contribute in significantly expanding Internet access across a number of African countries that will benefit directly from the undersea cable, which supports Egypt’s plan to become a regional hub for internet and telecommunication services for other African countries."
As indicated on their website, the Afreximbank is "a pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade."
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.