Telecom Egypt secures EUR150m in funding from EIB

29 Mar 2022

Telecom Egypt has announced the signing of an agreement with the European Investment Bank (EIB), the lending arm of the EU, to secure a medium-term loan of EUR150 million (USD165 million) which it will use to expand its 4G network.

In a press release regarding the development, Telecom Egypt noted that the funds will be used to support improvements to its mobile network coverage via the deployment of around 2,000 new mobile sites and the installation of additional capacity layers to its existing portfolio of mobile towers. The partnership, which was claimed to represent the EIB’s largest mobile network loan in Africa, will reportedly strengthen the operator’s infrastructure across the country, including in less densely populated areas.

Commenting, Adel Hamed, Telecom Egypt’s Managing Director and CEO, said: ‘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.’

Egypt, Telecom Egypt