The EGP 3 billion & USD 300 million financing in favor of Etisalat Misr, the Egyptian subsidiary of Etisalat and Egypt's third mobile telecom company, was signed on December 13, 2007 in Cairo in presence of Etisalat's Chairman. Etisalat is a leading telecom operator based in the UAE, which serves more than 30 million subscribers in 14 countries in the Middle East and Africa. Calyon, assisted by Credit Agricole Egypt, was Financial Adviser to Etisalat and Etisalat Misr and responsible interalia to structure the financing and manage the competitive bidding process for the financing. Credit Agricole Egypt is Initial Mandated Lead Arranger and Bookrunner of the transaction, one of the largest financings arranged in Egypt. Coming soon after the USD 2.9 billion Islamic financing arranged for Etihad Etisalat, the Saudi subsidiary of Etisalat (Calyon Initial Mandated Lead Arranger, Bookrunner, Documentation bank and Banque Saudi Fransi IMLA), these two transactions clearly establish Calyon as one of the core international banks of Etisalat which is engaged in an aggressive international growth strategy.