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MobiNil seeking EGP2.5bn loan

Egyptian mobile operator MobiNil has announced it is negotiating with four banks to secure an EGP2.5bn ($357m) syndicated loan for expansion purposes, Ahram has reported. The firm was badly hit by the political turmoil unleashed after a popular uprising toppled President Hosni Mubarak in 2011. The company reported a net loss of EGP296m in the first six months of 2013, down from a loss of EGP47m a year earlier.