Telecom Egypt has signed an agreement with the European Investment Bank – the financing arm of the European Union – for a medium-term loan of €150 million to expand its 4G broadband network.
This step comes in light of Telecom Egypt’s efforts to develop and improve the coverage of its mobile phone network by establishing 2,000 new mobile tower sites and increasing the capacities of existing towers by adding new layers.
This partnership, which is currently the largest loan offered by the European Investment Bank (EIB) for the development of mobile networks in Africa, will contribute to extending the network throughout the republic, including in less densely populated areas, as well as enhancing the competitiveness of the services provided and providing them at affordable prices.
Adel Hamed, Managing Director and CEO of Telecom Egypt said: “We are very pleased with this cooperation with the European Investment Bank and to obtain these facilities after several discussions that included presenting the company’s work plan to expand and develop the scope of the mobile phone network. This goal is in line with the Bank’s priorities towards financing development projects. Telecom Egypt will take advantage of its multiple financial resources, new bandwidth and distinguished services, among other factors, to continue serving its growing customer base and enhance its competitive position in the Egyptian telecom market.”
Flavia Palanza, Director of Lending Operations at the European Investment Bank in the European Neighborhood Group, commented: “This project accelerates investment in building mobile phone networks to facilitate access to digital services in Egypt. Digital transformation is the main driver of innovation, job creation and sustainable economic growth from the viewpoint of the European Investment Bank.”
“We are pleased with this partnership with the dynamic Telecom Egypt Group, and our cooperation with it in its ambitious program towards developing the network to provide modern communication services on a larger scale to include all parts of Egypt.”
Tobias Krause, Deputy Head of the European Union Delegation in Egypt, commented: “Digital transformation is one of the main pillars of joint cooperation with Egypt at this ambitious stage, as the European Investment Bank aims to support the efforts of the Egyptian state to provide distinguished telecommunications services at the best prices to the Egyptian citizen throughout the republic. This project reflects the commitment of our partners at the European Investment Bank – the financing arm of the European Union – to support planning towards the development of digital infrastructure in Egypt.”
“We will continue to work alongside Member States and European financial institutions to support the Egyptian citizen-centric digital transformation for an integrated, connected and sustainable economic society.”