Orange Egypt has secured a syndicated loan from the European Bank for Reconstruction and Development (EBRD) and Banque Misr to support its 5G ambitions in the country.
The EBRD said the funding, consisting of €39 million from it and about €35.6 million from Banque Misr's Dubai office, will help the telecom obtain a 5G mobile licence from the National Telecommunications Regulatory Authority.
The deployment of 5G services over Orange Egypt's network is projected to boost data upload and download speeds while also lowering network latency.
It is also expected to provide considerable benefits to consumers and businesses, including the ability for businesses to develop more innovative solutions, improve customer experience, and boost digital growth, according to EBRD.
Furthermore, Orange Egypt's network enhancement is estimated to reduce CO2 emissions by 1,740.031 tonnes annually.
Commenting on the financing, Jean- Marc Peterschmitt, EBRD’s MD for the corporate sector said: “This project will strengthen Egypt’s digital infrastructure, contributing to improved internet connectivity for local consumers, businesses and the broader economy.”
Mohamed Sayed, chief financial officer at Orange Egypt, added: “Through technologies such as 5G, we aim to enhance services in education, healthcare and smart cities, bridging the digital divide and driving Egypt’s digital economy forward.”
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