The European Bank for Reconstruction and Development (EBRD) along with Banque Misr are joining forces to bolster Egypt’s digital landscape by extending a syndicated loan totaling approximately US$80 million to Orange Egypt. This financial support aims to fortify the telecommunications infrastructure in the country, specifically aiding Orange Egypt in obtaining a 5G license from the National Telecommunications Regulatory Authority.
With EBRD contributing €39 million and Banque Misr’s Dubai branch injecting US$40 million (around €35.6 million), this collaboration underscores a pivotal moment in advancing Egypt’s connectivity capabilities. The implementation of 5G services across Orange Egypt’s network is poised to revolutionize data speeds, diminish network latency, and bring about an array of benefits for both consumers and businesses alike.
“5G technology not only enhances speed but also paves the way for innovative business solutions,”
stated Jean-Marc Peterschmitt, EBRD’s Managing Director for the Corporate Sector. Moreover, this advancement is projected to significantly reduce carbon emissions by over 1.7 million tonnes annually, marking a substantial stride towards environmental sustainability within the telecommunications sector.
Mohamed Khairat, Head of Corporate Banking and Syndicated Loans at Banque Misr, emphasized the fruitful partnership between Banque Misr and EBRD that facilitated this crucial financing endeavor. He highlighted Banque Misr’s pivotal role in fortifying the national economy through strategic investments like supporting Orange Egypt’s growth trajectory.
Khaled Nabil Khorshed, Head of Wholesale Banking at Banque Misr UAE, lauded his institution’s participation in the syndicated loan as part of their strategy to expand influence locally and regionally through international financial transactions. This move not only underscores Banque Misr’s global presence but also its commitment to facilitating key economic developments.
Mohamed Sayed, Chief Financial Officer at Orange Egypt, expressed pride in collaborating with both Banque Misr and EBRD as a testament to international confidence in Egypt’s economic potential. He reiterated their vision of leveraging technologies such as 5G to enhance various sectors like education, healthcare, smart cities development while bridging digital disparities across different segments of society.
Founded in 1998 as a subsidiary of French telecom giant Orange Group operating primarily as a mobile network provider coupled with fixed-line services and internet TV offerings (IPTV), Orange Egypt has been steadfastly committed to advancing digital connectivity nationwide. With EBRD having invested more than €13.2 billion across various projects since commencing operations in Egypt back in 2012; technical assistance has also been extended to over 750 small and medium-sized enterprises within the country.
In conclusion, this strategic alliance between EBRD, Banque Misr, and Orange Egypt epitomizes a harmonious blend of financial acumen aimed at catapulting Egypt into an era defined by cutting-edge technological advancements while fostering sustainable growth within its burgeoning telecommunications domain.
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