CAIRO, EGYPT: Telecom Egypt signed an settlement with the European Investment Bank (EIB) – the lending arm of the European Union – to safe a medium-term mortgage of € 150 million to expand Telecom Egypt’s 4G broadband network.
The new developmental facility will be used to support Telecom Egypt in improving its mobile community protection by deploying round 2,000 new mobile websites and putting in additional capability layers to its existing portfolio of mobile towers. The partnership, currently the EIB’s largest mobile community mortgage in Africa, will strengthen the community throughout Egypt, together with much less densely populated areas & enhance competitors and affordability of services.
Adel Hamed, Managing Director and Chief Executive Officer, commented: “We are very happy to safe this new credit score line with EIB after extensive deliberations, together with the presentation of our functional plan to enhance our mobile network’s scale, an goal that is available in line with the bank’s priorities for developmental projects. Telecom Egypt will capitalize on its a number of monetary resources, newly awarded spectrum and wealthy portfolio of valuable products, amongst different factors, to proceed serving its rising buyer base and strengthen its aggressive place within the Egyptian telecom market.”
Flavia Palanza, Director, EU Neighborhood Countries, European Investment Bank, said: “This project will assist speed up large scale funding in mobile networks and guarantee affordable entry to digital services in Egypt. The EIB identifies the digital transformation as a catalyzer for innovation, employment and sustainable financial growth. We are happy to partner with Telecom Egypt, a dynamic group engaged in its ambitious community expansion program, to supply a contemporary and broader entry to connectivity all through Egypt.”
Tobias Krause, Deputy Head of Delegation, EU Delegation to Egypt said: “Digital Transformation is a key pillar of this ambitious new phase of joint cooperation with Egypt. The EU goals to support Egyptian authorities efforts to safe resilient and affordable entry to common connectivity to the advantages of Egyptian residents throughout the entire country. This project shows the dedication of our companions within the EIB, the EU’s lending hand, to support essential inclusive digital infrastructure planning in Egypt. We will proceed 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.”
The European Investment Bank is the lending arm of the European Union and helps projects that promote the EU’s priorities and objectives. It is the world’s biggest multilateral monetary establishment and one of many largest suppliers of local weather finance. www.eib.org
Telecom Egypt is the primary built-in telecom operator in Egypt offering all telecom services to its customers, together with fixed and mobile voice and data services. Telecom Egypt’s shares and GDRs (Ticker: ETEL.CA; TEEG.LN) are traded on The Egyptian Exchange and the London Stock Exchange. www.ir.te.eg