CAIRO, EGYPT: Telecom Egypt 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 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.”

Flavia Palanza, Director, EU Neighborhood 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 catalyzer 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.”

Tobias Krause, Deputy Head of Delegation, EU Delegation to Egypt said: “Digital Transformation is a key pillar of this ambitious new phase of joint cooperation with Egypt. The EU aims to support Egyptian government efforts to secure resilient and affordable access to universal connectivity to the benefits of Egyptian citizens across the whole country. This project shows the commitment of our partners in the EIB, the EU’s lending hand, to support crucial inclusive digital infrastructure planning in Egypt. We will continue to work hand in hand with our Member States and European Financial Institutions as Team Europe to support Egypt’s human centric digital transition and to foster a sustainable, connected and inclusive economy and society.”

The European Investment Bank is the lending arm of the European Union and supports projects that promote the EU’s priorities and objectives. It is the world’s biggest multilateral financial institution and one of the largest providers of climate finance. www.eib.org

Telecom Egypt is the first integrated telecom operator in Egypt providing all telecom services to its customers, including fixed and mobile voice and data services. Telecom Egypt’s shares and GDRs (Ticker: ETEL.CA; TEEG.LN) are traded on The Egyptian Exchange and the London Stock Exchange. www.ir.te.eg