EU seal 3 agreements to support Egypt information, communications technology sector

These agreements included signing a $600 million deal between Telecom Egypt, Egypt’s largest telecommunication services operator, and the Hungarian 4iG Group, a pioneering telecommunications and information technology group in Hungary and the Western Balkans.

Telecom Egypt Managing Director and CEO Mohamed Nasr Eldin and Chairman of the Board of Directors of 4iG Group Gellért Jászai inked the deal.

The agreement aims to build a top-tier fibre optic communications network with a speed of up to six million units.

It entails pumping investments to develop the infrastructure of the inactive accessibility network in Egypt.

Moreover, Nasr Eldin signed two agreements with the CEO of AFR-IX Telecom and Medusa Norman Albi.

The first agreement aims to extend the Medusa marine cable to reach Aqaba city in Jordan and utilize a new marine cable called “Coral Bridge.” This is expected to come into effect during the fourth quarter of 2025.

The second agreement is a long-term usufruct agreement to provide internal connection services from the drop-off point in Port Said to the main premises of Cairo University.

Additionally, an agreement was signed between Telecom Egypt, the Information Technology Industry Development Agency (ITIDA), and Nokia, entailing that Nokia will establish a Centre of Excellence for Internet Protocol Networks.

This will improve Egypt’s strategic position in offering information technology and communication services.

Moreover, the conference witnessed the signing of several agreements between the Commercial International Bank of Egypt and the EU’s financing arm the European Bank for Reconstruction and Development (EBRD).

These agreements entail acquiring a $60 million funding package to stimulate green investment loans and support women-owned companies in Egypt in cooperation with the EU and the Green Climate Fund.