Bank lends Etisalat Egypt $132m to expand broadband services
Etisalat Egypt has signed a 4 billion Egyptian pound (US$132.4 million) funding agreement with Commercial International Bank of Egypt so that it can offer new services.
The funding is expected to help the operator improve its footprint and offer, said Etisalat Egypt, also known as Etisalat Misr, which is owned by the e& group of the UAE.
Etisalat Egypt CEO Hazem Metwally (pictured) said: “Etisalat Egypt is keen on investing in infrastructure that provides the best-integrated technology services to our customers, and keeps pace with the huge increase in data usage rates across Egypt.”
He said the investment will allow the operator to provide innovative services that meet subscribers’ evolving needs and create services that use the latest technological advances.
The operator’s investment plan aligns with Vision 2030, Egypt’s agenda for inclusive development.
Over the past five years, competition has intensified in the Egyptian market, with operators taking action to reinforce their positions amid growing demand for broadband connection and new services.
Amr El-Ganainy, CEO of institutional banking at CIB, said: “This partnership reflects the CIB’s role in supporting businesses in the ICT sector.” He said the investment “will further contribute to achieving Etisalat Egypt’s strategy in a way that scales up the company's financial position in the market and thus achieves more future business success”.