Emirates Telecommunications Corp is seeking an $800 million loan to finance the mobile phone network of its Egyptian unit, a report said.

Calyon bank is arranging the loan for Etisalat Egypt, which will include two tranches of $544 million and $300 million, the Middle East Economic Digest reported, citing a senior banker.

Local, regional and global banks would take part in the syndication early next year, MEED said.

Etisalat led a group that won Egypt's third mobile phone licence last year, paying $2.9 billion.

Etisalat chairman Mohammed Hassan Omran said in February it planned to borrow $1.75 billion for the Egyptian operations, which achieved 1 million subscribers in the first seven weeks of operation beginning in May.

In 2006, Etisalat raised its first syndicated loan amounting to $3 billion to fund expansion. Barclays, Citigroup, Deutsche Bank and HSBC were among the arrangers. Reuters