Etisalat Gets $650m Loan To Expand Network

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Etisalat Nigeria said on Thursday it had sealed agreements for a $650 million syndicated loan with eight local banks to expands its mobile phone network across Africa’s most populous nation, Reuters has reported.

“The additional funds will be used to roll out both our 3G and 2G network on a national basis,” Etisalat Nigeria chief executive officer Steven Evans said in a statement.

Etisalat said the banks involved were First Bank, Zenith Bank, Access Bank, Fidelity Bank, United Bank for Africa (UBA), Bank PHB, Guaranty Trust Bank and Oceanic Bank.

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Etisalat’s main rivals in Nigeria — Africa’s fastest growing telecoms market — are South Africa’s MTN, India’s Bharti Airtel, and local firm Globacom. In terms of subscription base, Etisalat is Nigeria’s fourth largest network.

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