Mobile operator Vodafone Egypt signed a financing deal with seven banks worth LE4 billion ($563 million) on Monday.

The seven banks are Banque Misr, Alexandria Bank, CIB (Egypt), HSBC, QNB, Barclay's and Emirates NBD Egypt, a source from Banque Misr told Ahram Online.

Vodafone started negotiations over the loan in October.

Reuters reported that Hatem Dowidar, Vodafone CEO, said during a press conference on Monday that the "credit facility will help modernise Vodafone's network and that part of it may be used for any new license that Vodafone might consider."

Egypt's fixed-line monopoly Telecom Egypt owns 45 percent of Vodafone Egypt. The public company said 10 days ago it may not sell its stake in Vodafone Egypt once it receives a license to offer its own mobile services.

But the Egyptian government has said the company will need to exit Vodafone Egypt once it has the new unified fixed-line and mobile license, citing competition reasons.