- June 5, 2018
- Posted by: Adrian Hall
- Category: More Africa News
Telecom Egypt has announced the signing of a long-term financing agreement with several Chinese financial institutions, including Bank of China and China Export & Credit Insurance Corporation. In a press release regarding the development, the telco noted that Huawei had facilitated these financial agreements by providing ‘competitive financing conditions’ for the deployment of TE’s core and transmission networks, as well as the telco’s 4G infrastructure.
Commenting on the matter, Telecom Egypt’s managing director and CEO Ahmed El Beheiry, noted: ‘Telecom Egypt has several strategic long-term expansion plans to be delivered in the coming years. To achieve such plans we have worked on attaining long-term financing at the lowest possible cost as well as the most convenient payment terms to match our cash flow generation while proceeding with our rollout plans. Our success in securing such financing agreement with the Chinese financial institutions and Huawei indicates our strong financial position and credit profile and marks the first of its kind in the telecom sector. The facility benefits Telecom Egypt by providing a simplified purchasing process through a packaged financial solution, while it allows Huawei to further expand its business in Egypt.’
In related news, Reuters reports that Telecom Egypt aims to begin offering mobile services in another country before the end of this year. The planned geographical expansion was said to have been confirmed by Egyptian communications minister Yasser El Kady, though he stopped short of revealing the identity of the country in which the telco aims to begin operations.