EBRD, Banque Misr grant $80mln syndicated loan to Orange Egypt
Arab Finance: The European Bank for Reconstruction and Development (EBRD) and Banque Misr have provided a syndicated loan of nearly $80 million to Orange Egypt, according to a press release.
The facility includes €39 million from the EBRD and $40 million (around €35.6 million) from Banque Misr's Dubai branch.
Orange Egypt will utilize the loan to support its acquisition of a 5G mobile license from the National Telecommunications Regulatory Authority (NTRA).
The rollout of 5G services across Orange Egypt's network will enhance data upload and download speeds, while reducing network latency. When it comes to 5G, the network is more energy efficient compared with previous generations of mobile technologies.
It is also anticipated to enable companies to make more innovative offerings, improve customer experience, and stimulate digital growth.
Moreover, Orange Egypt's network upgrade is expected to lower its CO2 emissions by 1.740 million tons annually.
Jean-Marc Peterschmitt, EBRD's Managing Director for the Corporate Sector, commented: 'This project will strengthen Egypt's digital infrastructure, contributing to improved internet connectivity for local consumers, businesses and the broader economy.'
On his part, Mohamed Sayed, Chief Financial Officer at Orange Egypt, said: '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.'
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hi Dubai
an hour ago
- Hi Dubai
UAE Airports Set Global Standard with Smart Travel Innovations
UAE airports are redefining the future of air travel with groundbreaking digital transformations, according to Selim Bouri, President for the Middle East and Africa at SITA. Bouri praised airports in Dubai and Abu Dhabi for setting new global benchmarks in innovation, efficiency, and passenger experience. Bouri highlighted the UAE's commitment to smart airport solutions amid rising international passenger volumes. He pointed to the successful rollout of the Smart Travel system at Abu Dhabi's Zayed International Airport—a fully integrated biometric platform that processes passengers from check-in to departure in under 12 minutes. Since the launch of its new terminal in November 2023, the airport has processed over one million travellers using facial recognition, significantly reducing congestion and wait times. The technology not only enhances capacity but also creates a seamless, contactless journey. SITA continues to collaborate closely with UAE airports, offering tailored digital solutions to meet operational needs. Bouri noted that the Smart Travel model in Abu Dhabi will likely be adopted across other airports in the country. Looking ahead, UAE airports plan to expand biometric processing at all checkpoints, introducing self-check-in kiosks, smart boarding gates, and automated baggage services. Cybersecurity remains central to these developments. Bouri also outlined the growing role of 5G and upcoming sixth-generation networks in enabling efficient, real-time communication between airport systems and devices. He added that artificial intelligence and big data will be key to improving flight management, security, and operational performance. 'The next decade will be defined by smart, data-driven ecosystems,' Bouri said, adding that UAE airports are well-positioned to lead the global shift toward intelligent, tech-integrated travel experiences. News Source: Emirates News Agency
Zawya
2 hours ago
- Zawya
Egypt urged to establish real estate regulatory authority to boost market transparency, attract FDI
Egypt - Mohamed Fouad, real estate expert and member of the British Egyptian Business Association (BEBA), has urged the urgent establishment of an independent Real Estate Regulatory Authority (RERA) in Egypt. He emphasized that such a body, modeled on successful international experiences in countries like the UAE and India, is crucial for creating a structured and transparent legal framework for real estate transactions. Fouad explained that RERA plays a central regulatory and legislative role in mature markets. It safeguards the interests of buyers, investors, and developers by issuing licenses, enforcing compliance, ensuring transparency, and overseeing project implementation according to approved timelines and budgets. 'In markets witnessing rapid urban expansion and increasing investment flows—such as Egypt—an independent regulatory authority is no longer optional; it's a strategic necessity,' Fouad stated. He highlighted that the absence of a unified regulatory entity in Egypt has led to overlapping roles between institutions, resulting in delivery delays, contractual disputes, and inconsistent enforcement. A RERA-style authority, he said, would bring order to the sector by clearly defining the roles and responsibilities of key stakeholders: the government, developers, and buyers. Such a body would also bolster investor confidence, both local and international, by ensuring accountability and reducing risks. Regulatory oversight would include developer classification based on financial and technical criteria, stricter controls on marketing and advertising, and protection of buyers from fraudulent or stalled projects. Fouad cited Dubai's RERA as a global benchmark, noting how it has transformed the city into a trusted international hub for real estate investment. He also pointed to India's experience, where the implementation of RERA reduced legal disputes by over 60% in its early years. Without an independent authority, Fouad warned, the Egyptian real estate market remains exposed to mismanagement, undermining its attractiveness to foreign investors—particularly Egyptians living abroad who demand a clear, reliable legal framework. He proposed that the new Egyptian RERA be established under the Prime Minister's office or the Ministry of Housing, in cooperation with the Central Bank of Egypt and the Financial Regulatory Authority. It should have wide-ranging legal and supervisory powers, including dedicated departments for licensing, compliance, evaluation, and dispute resolution. Fouad also stressed the importance of launching a unified digital platform to centralize information on licensed real estate projects. This platform would provide real-time updates on implementation status, developer credentials, licensing and contract details, and facilitate electronic applications and transactions—supporting Egypt's broader digital transformation strategy. In conclusion, Fouad reiterated that the creation of a Real Estate Regulatory Authority in Egypt is a national imperative. It is key to achieving transparency, safeguarding stakeholders' rights, and turning the Egyptian real estate market into a sustainable, globally competitive investment destination capable of attracting foreign currency and exporting real estate. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Zawya
16 hours ago
- Zawya
Siemens Mobility and Egyptian National Railways put Zagazig Station into service
Cairo, Egypt – Siemens Mobility, in partnership with Egyptian National Railways (ENR), announces the inauguration of the new signaling Building at Zagazig Station, marking a major milestone in Egypt's nationwide railway modernization efforts. This event comes as part of the directive from H.E. President Abdel Fattah El-Sisi to accelerate the upgrade of railway signaling systems and enhance overall safety and efficiency across the country's rail network. The launch includes the main signaling building at Zagazig Station and the commissioning of three additional automatic signaling sections between Zagazig and Menia El Qamh, Zagazig and El Shabanat, and Zagazig and Hehia —covering a total of 36 kilometers. Also commissioned are 17 level crossings, 87 point machines, 144 signals, and 202 track circuits. These upgrades are part of the larger modernization of the Zagazig–Ismailia/Port Said line and the Abu Kabir branch, implemented by Siemens Mobility using advanced Electronic Interlocking Systems (EIS) certified to the highest international safety level, SIL-4. This modernization initiative aims to replace the outdated mechanical signaling with a cutting-edge electronic system, ensuring real-time train monitoring, increased daily train frequency, and enhanced operational safety. Additionally, the system introduces automated level crossing gates and integrated control mechanisms to reduce human error and prevent accidents, while allowing train drivers to communicate with central control from any signal in emergency situations. Commenting on the inauguration, Lieutenant General Eng. Kamel El-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, stated: "Modernizing Egypt's railway signaling systems is critical for improving safety, increasing operational efficiency, and supporting the nation's development goals. The advancements at Zagazig Station represent a significant step in our efforts to transform the railway network with the help of global expertise and world-class technology." Tarek Aly, CEO of Siemens Mobility Egypt, commented: "The commissioning of the Zagazig Station signaling building marks another important step in our long-term partnership with the Ministry of Transport and Egyptian National Railways. At Siemens Mobility, we are proud to support Egypt's vision of a safer, more advanced, and digitally connected rail network. This milestone reflects our commitment to delivering sustainable infrastructure solutions that not only elevate operational performance but also contribute to the country's broader development goals." Siemens Mobility remains fully committed to supporting Egypt's transport vision through advanced engineering solutions and localized know-how. The full project spans 21 main buildings, 19 secondary towers, and 84 level crossings—demonstrating a comprehensive approach to enhancing Egypt's railway infrastructure. For further information or media inquiries, please contact: Riham Sherif, Country Head of Communications E-mail: Follow us on Twitter at: For further information about Siemens Mobility, please see:
