Telecom Egypt has signed an agreement with the European Investment Bank – the financing arm of the European Union – for a EUR 150 million medium-term loan to roll out its 4G broadband network.
This move comes in the light of Telecom Egypt’s efforts to develop and improve the coverage of its cellular network by building 2,000 new cell tower sites and increasing the capacity of existing cell towers by adding new layers.
This partnership, which is currently the largest loan from the European Investment Bank (EIB) for the development of mobile networks in Africa, will help to expand the network throughout the Republic, including in less densely populated areas, and improve 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 to partner with the European Investment Bank and to be granted these facilities after several discussions, including the presentation of the company’s work plan to expand and develop the scope of the mobile phone Network. This objective is consistent with the Bank’s priorities in financing development projects. Telecom Egypt will leverage its diverse financial resources, new bandwidth and outstanding services, among others, to continue to serve its growing customer base and expand its competitive position in the Egyptian telecoms market.”
Flavia Palanza, Director of Lending Operations at the European Investment Bank in the European Neighborhood Group, commented: “This project is accelerating investment in mobile network deployment to facilitate access to digital services in Egypt. From the point of view of the European Investment Bank, digital transformation is the most important engine for innovation, job creation and sustainable economic growth.”
“We are delighted to partner with the dynamic Telecom Egypt Group and to work with them in their ambitious network development program to offer advanced communications services on a larger scale to include all parts of Egypt.”
Tobias Krause, Deputy Head of the European Union Delegation to 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 Egyptian state’s efforts to deliver outstanding telecommunications services the best prices for the Egyptian citizen in the entire Republic. This project reflects the commitment of our partners at the European Investment Bank – the financing arm of the European Union – to support planning for digital infrastructure development in Egypt.”
“We will continue to work with Member States and European financial institutions to support Egypt’s citizen-centric digital transformation towards an integrated, connected and sustainable economic society.”