Clean competition under NTRA rules
Etisalat Egypt by e& a has signed a financing agreement for €12 million (4 billion Egyptian pounds) with Commercial International Bank (CIB Egypt) to support the company’s expansion plans within the framework of parent group, United Arab Emirates based e&. The agreement will support Etisalat Egypt’s plan to invent new services according to customer demand and aligned to the latest technology advances. “Etisalat Egypt is keen on investing in infrastructure that provides the best integrated technology services to our customers, and keeps pace with the huge increase in data usage rates across Egypt,” said Etisalat’s CEO, Hazem Metwally.
The financing agreement reflects CIB’s role in supporting businesses in the ICT sector, and will further contribute to achieving Etisalat Egypt’s strategy, said CEO of the bank, Amr El Ganainy. CIB’s sustainability record persuaded businesses to force the pace of digital transformation in Egypt without losing their grip on sustainable development. Egypt’s fintech ecosystem MNT-Halan has raised up to $400 million in equity and debt financing from local and global investors, according to its statement on Wednesday.
Chimera Abu Dhabi has invested $200 million in equity in exchange for over 20% of the company, with MNT-Halan reaching the advanced stages of raising $60 million in additional capital in the coming weeks. The company also raised two securities adding up to $140 million through Tasaheel Microfinance Company (Tasaheel) and Halan Consumer Finance (Halan) with Commercial International Bank (CIB), Egypt’s largest private sector bank.
MNT-Halan plans to expand internationally after solid growth in Egypt and progress on the swap agreement between super app Halan and Netherlands-based microlending platform MNT Investments.
“The timing of the transaction is a testament to our ability to significantly increase our revenues and open new revenue streams while growing our bottom line, despite the macro-economic situation.,” said MNT-Halan CEO Mounir Nakhla.
Rival telcos are adding to the momentum of Egypt’s digital transfiguration. Last week the National Telecom Regulatory Authority (NTRA) of Egypt accepted a financial and technical offer from Telecom Egypt (TE) for an extra 5MHz of spectrum in the 1800MHz band using FDD technology, Africa Business Communities has reported. The 10-year spectrum allocation cost $125 million more than the spectrum awarded in late 2020.
TE said it is vital to support heavier traffic from a growing customer base while improving service speed and quality. The additional spectrum will be used to boost voice and data service quality, increase network coverage around the country and support the fast-paced evolution of customer needs and aspirations. High data rates, low latency and expansive coverage aside, the added spectrum provides for any future business and technical advances, it said.
The extra spectrum and new applications will help make TE the nation’s top service provider, according to its CEO Adel Hamed. “This additional package will enable us to continue providing competitive, highly-efficient connectivity while accommodating for the rapid expansion of our mobile customer base. We intend to use our licenses to deliver value that meets the aspirations of both businesses and consumers, while also providing cost efficiencies for the company and maximizing shareholder value.”