Cairo – Mubasher: Orange Egypt, a subsidiary of French group Orange investments in Egypt reached EGP 32 billion since the very beginning of its business in the country, said Jean-Marc Harion, CEO.
The company seeks to inject nearly EGP 2.5 billion in investments to develop its network, CEO told Mubasher in exclusive statement.
“The company invested $484 million in order to purchase the 4G license,” said CEO.
Orange Egypt said it will secure EUR500 million backup line of credit from its mother company to finance the cost of purchasing the fourth-generation mobile phone services license.
The loan duration will be four years and will due in 21 December 2020 with annual interest rate of 7%.
Earlier, Orange Egypt signed a $484-million agreement with the national telecom regulator to obtain the 4G license.
The National Telecommunications Regulatory Authority (NTRA) has agreed to provide Orange with new terms that increase the speed of 4G to 2x10 MHz as opposed to the 2x2.5MHz to 2x5MHz initially offered.
