The European Bank for Reconstruction and Development (EBRD) and Banque Misr help bank roll Orange Egypt’s 5G spectrum licence
The European Bank for Reconstruction and Development (EBRD) and Banque Misr are supporting Egypt’s digital transformation, providing a syndicated loan of around $80 million to Orange Egypt.
The loan consists of €39 million from the EBRD and $40 million (about €35.6 million) from Banque Misr’s Dubai branch. Its purpose is to assist Orange Egypt with its acquisition of a 5G mobile licence from the National Telecommunications Regulatory Authority.
Orange Egypt is fully owned by the Egyptian subsidiary of French operator group Orange, which operates in a number of the EBRD member countries. Established in 1998, Orange Egypt is primarily a mobile network operator but offers some fixed-line services and TV over the internet.
Egypt and the EBRD
Egypt is a founding member of the EBRD. The Bank has invested more than €13.2 billion in the country through 202 projects since it began investing there in 2012. The Bank has also provided technical assistance to more than 750 small and medium-sized enterprises in Egypt.
Mohamed Sayed, Chief Financial Officer at Orange Egypt, said, “We are proud to partner with Banque Misr and the EBRD in a move that underscores international confidence in Egypt’s economy and supports our vision for advancing the telecommunications sector.
“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.”
