Cairo, 23 July 2018: – The Econet Group and Telecom Egypt have signed a memorandum of understanding (MoU) that will enable Econet’s Liquid Telecom unit to complete a terrestrial fibre optic network stretching all the way from Cape Town in South Africa to Cairo.
The MoU provides for Telecom Egypt and Liquid Telecom intend to mutually capitalize on opportunities by sharing and utilising their infrastructure in order to maximize monetization of the bandwidth and existing infrastructure along the 60,000 kilometre network.
Under the terms of the MoU, the two companies will also develop a framework for commercial, technical and operational cooperation.
Strive Masiyiwa, Founder and Chairman of Econet and Liquid Telecom, signed the MoU on behalf of Liquid Telecom, while Ahmed El Beheiry, Chief Executive Officer of Telecom Egypt, signed for the company.
The Advisory and Capital Department of the African Export-Import Bank (Afreximbank) was Liquid Telecom’s financial adviser for the MoU after Liquid Telecom appointed earlier this year for a series of strategic engagements.
Liquid Telecom is the leading independent data, voice and IP provider in eastern, central and southern Africa, supplying fibre optic, satellite and international carrier services to Africa’s largest mobile network operators, ISPs and businesses.
Telecom Egypt, is the first total telecom operator in Egypt, providing all telecom services, including fixed and mobile voice and data services. It recorded a revenue of more than $ 1.1 billion in 2017 and employs more than 50,000 people. The company holds a 45 per cent stake in Vodafone Egypt.
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About Afreximbank: The African Export-Import Bank (Afreximbank) is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, it has approved about $60 billion in credit facilities for African businesses, including about $8.5 billion in 2017. Afreximbank had total assets of $11.9 billion as at 31 December 2017 and is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch). The Bank is headquartered in Cairo. For more information, visit: www.afreximbank.com