Latest news with #networkupgrade
Zawya
29-05-2025
- Business
- Zawya
EBRD, Banque Misr provide $80mln syndicated loan to Orange Egypt for 5G expansion
Egypt - The European Bank for Reconstruction and Development (EBRD) and Banque Misr have extended a syndicated loan of approximately $80m to Orange Egypt to support the company's acquisition of a 5G mobile license and rollout of next-generation network infrastructure. The financing package includes €39m from the EBRD and $40m (around €35.6m) from Banque Misr's Dubai branch. The funds will enable Orange Egypt, a leading mobile network operator, to implement 5G services, enhancing network speed, reliability, and capacity. The introduction of 5G across Orange Egypt's network is expected to significantly improve data transmission speeds and reduce latency, delivering a more responsive and seamless experience for users. The upgrade will also benefit businesses by enabling more innovative digital services, strengthening customer engagement, and supporting Egypt's broader digital economy. Notably, 5G technology is more energy-efficient than previous mobile generations. Orange Egypt's planned network modernization is projected to reduce carbon dioxide emissions by more than 1.74m tonnes annually, contributing to the country's environmental sustainability goals. 'This project will strengthen Egypt's digital infrastructure, contributing to improved internet connectivity for local consumers, businesses, and the broader economy,' said Jean-Marc Peterschmitt, EBRD Managing Director for the Corporate Sector. Mohamed Khairat, Head of Corporate Banking at Banque Misr, emphasized the bank's commitment to supporting national economic growth, noting the telecom sector's strategic importance and Orange Egypt's role in advancing sustainable development. Khaled Nabil Khorshed, Head of Wholesale Banking at Banque Misr UAE, added that the involvement of the bank's Dubai branch reflects its strategy to leverage its international network to facilitate cross-border financing and strengthen its regional footprint. Commenting on the loan, Orange Egypt CFO Mohamed Sayed said: 'Through technologies like 5G, we aim to enhance services in sectors such as education, healthcare, and smart cities—bridging the digital divide and accelerating Egypt's digital transformation.' Orange Egypt, a subsidiary of French telecom giant Orange, has operated in the country since 1998. While primarily a mobile network provider, it also offers fixed-line services and IPTV. The company plays a key role in expanding Egypt's digital infrastructure. Egypt is a founding member of the EBRD. Since launching operations in the country in 2012, the Bank has invested over €13.2bn across 202 projects, in addition to supporting more than 750 small and medium-sized enterprises through technical assistance.
Bloomberg
09-05-2025
- Business
- Bloomberg
Ether Surges 30% in Best Week Since 2021 as Trade Tensions Ease
Ether led a broad cryptocurrency rally this week, heading for its strongest gains since 2021, bolstered by easing global trade tensions and optimism over a network upgrade. The second-largest digital token by market value jumped as much as 14% on Friday to $2,490, extending its weekly advance to nearly 33%. That marks its steepest weekly gain since 2021, when speculative excesses and low interest rates fueled the pandemic-era crypto boom.
Bloomberg
06-05-2025
- Business
- Bloomberg
Ethereum's Latest Upgrade Is Seen Doing Little to Bolster Price
Software developers are readying the Ethereum blockchain for yet another upgrade that aims to make the network more competitive with upstart rivals such as Solana. The so-called Pectra update scheduled for May 7 aims to cut transaction costs, reduce network traffic and make it easier for users to accomplish more complex tasks using digital wallets on the most widely commercially-used blockchain.
