29 April 2022
Telecom Egypt has borrowed €150m from the European Investment Bank (EIB) to build 2,000 new towers and expand its 4G network across the country.
The medium-term loan agreement will also allow the operator to boost the capacities of existing towers, it said.
Furthermore, Telecom Egypt plans to provide broadband connectivity to the least populated areas, offer competitive and affordable services and boost its position in the Egyptian telecommunications market, the company added.
“This project will help accelerate large-scale investment in mobile networks and ensure affordable access to digital services in Egypt," said Flavia Palanza, the EIB’s director for EU neighbourhood countries. "The EIB identifies digital transformation as a catalyser for innovation, employment and sustainable economic growth.”
Adel Hamed, Telecom Egypt CEO, added: “We are very pleased to secure this new credit line with EIB after extensive deliberations, including the presentation of our functional plan to improve our mobile network’s scale, an objective that comes in line with the bank’s priorities for developmental projects.”
