Telecom Egypt has penned an agreement with the European Investment Bank (EIB) to secure a loan of €150 million (US$164m) to expand its broadband network, the largest loan from the bank for a mobile network upgrade in Africa.
In a statement, the operator detailed it will open a new development facility that will be used to deploy 2,000 new mobile sites to upgrade coverage. The operator said coverage will be boosted in less densely populated areas and enhanced completion and affordability of services.
Telecom Egypt CEO and managing director Abel Hamed said the loan aligns with the EIB’s priorities for developmental projects.
“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.”
EIB EU Neighborhood Countries director Flavia Palanza added: “This project will help accelerate large scale investment in mobile networks and ensure affordable access to digital services in Egypt. The EIB identifies 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 program, to offer a modern and broader access to connectivity throughout Egypt.”
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