Telecom Egypt has signed an agreement with the European Investment Bank (EIB) – the lending arm of the European Union – to secure a medium-term loan of €150 million to expand Telecom’s 4G broadband network Egypt.
The new development facility will be used to help Telecom Egypt improve its mobile network coverage by deploying around 2,000 new mobile sites and installing additional layers of capacity to its existing portfolio of mobile towers. The partnership, currently the largest EIB mobile network loan in Africa, will strengthen the network across Egypt, including less densely populated areas, and improve competition and accessibility of services.
Adel Hamed, Managing Director and CEO, said:
“We are very pleased to have obtained this new line of credit from the EIB after extensive deliberations, including the presentation of our functional plan to improve the scale of our mobile network, an objective which is in line with the priorities of the bank for development projects. Telecom Egypt will capitalize on its multiple financial resources, newly allocated spectrum and rich portfolio of valuable products, among other factors, to continue to serve its growing customer base and strengthen its competitive position in the Egyptian telecommunications market. »
Flavia Palanza, Director, EU Neighborhood Countries, European Investment Bank, said:
“This project will help accelerate large-scale investments in mobile networks and ensure affordable access to digital services in Egypt. The EIB sees digital transformation as a catalyst for innovation, jobs and sustainable economic growth. We are delighted to partner with Telecom Egypt, a dynamic group committed to its ambitious network expansion program, to provide modern and expanded access to connectivity throughout Egypt.”
Tobias Krause, Deputy Head of Delegation of the EU Delegation to Egypt, said:
“Digital transformation is a key pillar of this ambitious new phase of joint cooperation with Egypt. The EU aims to support the efforts of the Egyptian government to ensure resilient and affordable access to universal connectivity for the benefit of Egyptian citizens across the country. This project shows the commitment of our partners at the EIB, the EU lender, to support the planning of crucial inclusive digital infrastructure in Egypt. We will continue to work hand in hand with our Member States and European financial institutions as Team Europe to support Egypt’s human-centric digital transition and to foster a sustainable, connected and inclusive economy and society.”
Telecom Egypt Company SAE published this content on March 27, 2022 and is solely responsible for the information contained therein. Distributed by publicunedited and unmodified, on March 27, 2022 5:10:04 PM UTC.