Telecom Egypt and Huawei announced the signing of a US$200 million long-term financing with Chinese financial institutions including the Bank of China and China Export & Credit Insurance Corporation (Sinosure). Huawei facilitated providing competitive financing conditions to Telecom Egypt to finance the roll-out of the 4G network and the deployment of transmission and core networks. The tenor of the facility is 48 months with a grace period of 24 months.
Mr. Terry Liu, CEO of Huawei Egypt Office said: "Throughout the years, Huawei has been successful in building and maintaining a strong partnership with Telecom Egypt. Today, we are taking another step towards strengthening this partnership and supporting Telecom Egypt in their strategy to expand by facilitating the financing agreement."
Mr. Peng Song, Huawei North Africa President added: "Providing such financing facilities enables us to capitalize on the potential of growth in the Egyptian market. It is part of our strategy to support our customers and act as their partners in success."
Eng. Ahmed El Beheiry, Managing Director and CEO of Telecom Egypt added: "Telecom Egypt has several strategic long-term expansion plans to be delivered in the coming years. To achieve such plans we have worked on attaining long-term financing at the lowest possible cost as well as the most convenient payment terms to match our cash flow generation while proceeding with our rollout plans. Our success in securing such financing agreement with the Chinese financial institutions and Huawei indicates our strong financial position and credit profile and marks the first of its kind in the telecom sector. The facility benefits Telecom Egypt by providing a simplified purchasing process through a packaged financial solution, while it allows Huawei to further expand its business in Egypt."