EIB supports 4G expansion with EUR 150 mn loan to TE: Telecom Egypt (TE) has secured a EUR 150 mn medium-term loan from the European Investment Bank (EIB) to expand its 4G broadband network, the state-owned firm announced in a statement yesterday. The facility will help TE deploy around 2k new mobile sites and up the capacity of its existing cellular towers. This will help improve the mobile network’s coverage and strengthen the network across Egypt, including in less densely populated areas, TE said.

The loan is part of the EU’s efforts to help Egypt’s digital transformation, said Tobias Krause, deputy head of the EU’s delegation to Egypt. “The EU aims to support Egyptian government efforts to secure resilient and affordable access to universal connectivity to the benefits of Egyptian citizens,” he said, adding that 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.”

A milestone for the EIB: This is currently the lender’s largest loan to a mobile network in Africa, according to the statement.

The state company now has more bandwidth: TE acquired another two 10-MHz bands in a government tender in 2020.

The agreement comes on the back of a strong year for TE: The company saw its net income increase 75% y-o-y to EGP 8.4 bn in 2021.