Telecom Egypt signs deal with European Investment Bank for €150M loan

Telecom Egypt Co. secured an agreement with the European Investment Bank, or EIB, for a €150 million loan to expand the company's 4G broadband network in Egypt, according to a March 27 announcement.

The medium-term loan will be used to enhance the telco's mobile network coverage by deploying about 2,000 new sites and installing new capacity layers to its existing towers. The partnership will also boost the network across Egypt's less densely populated areas and help provide affordable digital services.

This is the largest mobile network loan offered by the EIB in Africa so far.