Egypt invests up to $600 million in developing the network of internet submarine cables, said Minister of Communications and Information Technology Amr Talaat during Story of Homeland 2023 conference held on Saturday.
Egypt achieves $250 million annual revenues from the projects, the minister also mentioned. Since 2014, The country has implemented 13 submarine cables and other five are under process, Talaat added during the conference that held between 30 September and 2 October.
The event showcased the achievements that aimed to build a modern state through launching a bunch of national megaprojects, which provide job opportunities for millions of youths and reducing unemployment rates.
It is worth mentioning that Telecom Egypt signed on Sunday an agreement with the Medusa Submarine Cable System to extend the Mediterranean network to the Red Sea by the end of 2025.