UAE’s second telecoms operator Du said it had secured a US$255m credit facility from The Export-Import Bank of China to fund expansion of its 3G network.
The financing deal was backed by the Chinese export credit agency Sinosure, the company said in a…
UAE’s second telecoms operator Du said it had secured a US$255m credit facility from The Export-Import Bank of China to fund expansion of its 3G network.
The financing deal was backed by the Chinese export credit agency Sinosure, the company said in a statement on the website of the Dubai Financial Market – the local stock exchange.
Part of the credit facility will be used to repay an existing US$85m short-term facility from EIBC and the remainder will go to purchase equipment for expansion of the 3G network.
The agreement will turn Du’s three-year short term borrowing facility into a seven-year facility, based on a two-year drawdown and five-year repayment plan.
As reported in TelecomFinance, last month Du secured a US$207m export credit facility with KfW IPEX-Bank, part of the German KfW banking group, to fund the expansion and upgrade of its network.
