Telecom Egypt (TE) signed an agreement with the European Investment Bank (EIB) – the lending arm of the European Union – to secure a medium-term loan 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 network coverage by deploying around 2,000 new mobile sites and installing additional capacity layers to its existing portfolio of mobile towers.
The partnership, currently the EIB’s largest mobile network loan in Africa, will strengthen the network across Egypt, including less densely populated areas & enhance competition and affordability of services.
Adel Hamed, Managing Director and Chief Executive Officer, commented: “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. Telecom Egypt will capitalise 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.”
Flavia Palanza, Director, EU Neighbourhood Countries, European Investment Bank, said: “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 catalyser for innovation, employment and sustainable economic growth. We are pleased to partner with Telecom Egypt, a dynamic group engaged in its ambitious network expansion programme, to offer a modern and broader access to connectivity throughout Egypt.”
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