The Egyptian Gulf Bank (EGB) is considering a contribution of EGP 120 million to Egypt's Mobinil Company's loan. The loan for the Egyptian Company for Mobile Service or Mobinil is worth EGP 1 billion and being arranged by the National Bank of Egypt (NBE). According to a banking source near from the deal, the loan will go for financing Mobinil's expansions and upgrading services and networks as well as paying back some debts to the banks. In Q1, Mobinil had signed a syndicated loan agreement at a value of EGP 2.36 billion, with eight local banks. These banks are Banque Misr, Commercial International Bank – Egypt (CIB Egypt), QNB Al Ahli, Bank of Alexandria, HSBC-Egypt, Crédit Agricole Egypt, Ahli United Bank (AUB)- Egypt and Emirates NBD. The syndicated loan is designed to finance a portion of loan and bond installments that will come due in 2014 and 2015.
