CLAPS Telecom Egypt (ETEL) signed an agreement with The European Investment Bank (EIB), the financing arm of the European Union, to get EUR 150 million in loan.
This loan, which contributes to 4G broadband network improvements in Egypt, is considered the largest that EIB has ever granted to telecommunication services’ development in Africa. According to Telecom Egypt, this loan will be dedicated to deploy 2000 mobile sites and increase the capacity of the existing cell towers.
The new loan will help Telecom Egypt expand its mobile network coverage and more specifically, in areas with low population density. The loan is part of Telecom Egypt’s efforts to expand its operations.
Granting this loan reflects the EIB’s support to network and telecommunication developments in Egypt.
Telecom Egypt’s net income rose by 7.5% on a annual basis and reached EGP 8.4 billion.