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ArabFinance: Telecom Egypt (ETEL) has inked an agreement with the European Investment Bank (EIB), the banking arm of the European Union (EU), for a €150 million medium-term loan, according to a press release.
The funding will be used to expand Telecom Egypt’s 4G broadband network and help improve its mobile network coverage through the deployment of about 2,000 new mobile sites.
The Egyptian company will also tap EIB’s funding to install more capacity layers, adding to its portfolio of service towers.
“Telecom Egypt will capitalize on its multiple financial resources, newly awarded spectrum and rich portfolio of valuable products, among other factors, to continue serving its growing customer base and strengthen its competitive position in the Egyptian telecom market,” Telecom Egypt’s CEO Adel Hamed commented.
"This project will help accelerate large scale investment in mobile networks and ensure affordable access to digital services in Egypt. The EIB identifies the digital transformation as a catalyzer for innovation, employment and sustainable economic growth,” EIB’s Director – EU Neighborhood Countries – Flavia Palanza said.
Telecom Egypt is the first integrated telecom operator in Egypt and is one of the region’s largest operators of subsea cables.
The Cairo-based company is listed on the EGX and it operates in the sectors of communications, marine cables, infrastructure, internet services, and outsourcing services. It offers a range of fixed-line and retail telecommunications services, as well as wholesale telecommunications services.
