Mobinil long term loan in local currency

A group of Egyptian banks have agreed to offer the Mobinil company, an Egyptian company for mobile telephone service, a long-term loan valued at $670 million.

Deputy Othman Sultan told ArabicNews.com that 70% of the loan is made up of local currency, in addition to the issue of finance bonds valued at 340 million pounds.

Sultan confirmed that the company is trying to obtain long-term loans with local currency from Egyptian banks as a part of the company's plan to transfer the short-term loans into long-term loans and to focus on local currency so as to avoid any dangers from fluctuation in foreign currency.

Mobinil has obtained a loan from American banks worth $390 million that is to be paid in August.