"Etisalat is a considerable force in the telecommunication industry in Sri Lanka, and we are pleased to have led this transaction to support their expansion plans..." Nick Nicolaou, chief executive officer HSBC Sri Lanka and Maldives said.
HSBC was sole arranger, sole lender and facility agent for the facility from ONDD, the export credit agency of Belgium.
HSBC had also arranged an additional 25 million US dollar facility in parallel to the export credit.
"Etisalat strongly believes in the growth potential of Sri Lanka and we want to support the ongoing development by providing the latest in technology to the country," chief executive officer Dumindra Ratnayaka, said.
"The strong partnership with HSBC, ONDD and Alcatel-Lucent will now enable us to offer the best in technology and services to our customers."
He said Etisalat became the first operator to launch DC HSPA+ technology, to boost mobile broadband service in Sri Lanka.