REG - Telecom Egypt S.A.E - TE cooperates with EIB to secure a EUR150 million

Telecom Egypt Co SAEAnnouncement

28/03/2022 07:01

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RNS Number : 1520G  Telecom Egypt S.A.E  27 March 2022

 Telecom Egypt cooperates with EIB to secure a €150 million investment to
expand mobile broadband network

 

Cairo, 27 March 2022: 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."

- End -

About EIB

 

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. Particularly in the telecom
infrastructure, in 2016 EIB already provided in the Mediterranean Region EUR
100 million for the 4G network development in Tunisia with Tunisie Telecom. In
the rest of Africa, the Bank has recently this year supported the mobile
network expansion in Nigeria with EUR 100 million finance, and in 2018 in
Kenya with EUR 35 million investment.

 

For more information, please visit: www.eib.org (http://www.eib.org)

 

About Telecom Egypt

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 has a long history, over 160 years, of serving
Egyptian customers and leading the Egyptian telecom market in the most
advanced technology and reliable infrastructure solutions, as well as the
widest network of submarine cables. In addition to its mobile operation "WE",
the company owns 45% of Vodafone Egypt. Telecom Egypt's shares and GDRs
(Ticker: ETEL.CA; TEEG.LN) are traded on The Egyptian Exchange and the London
Stock Exchange. Please refer to Telecom Egypt's full financial disclosure on
ir.te.eg (http://ir.te.eg/en/)

 

For more information, contact the investor relations team:
investor.relations@te.eg (mailto:investor.relations@te.eg)

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