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TunisiaEIB and Telecom Egypt to secure a €150 million investment to expand mobile broadband network
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.
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.
Over the last five years, the EIB’s support for digitalisation across Africa has funded more than €2.5 billion of transformational investments, fostering knowledge and innovation and creating benefits such as the growth of digital industries and financial inclusion.
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