Telcomms Sector Targets LE 15 Bln For Suez Canal – Communications Minister

The Ministry of Communications hopes to attract information technology sector investments worth between LE 12-15 billion for the new Suez Canal project, said Communications Minister Atef Helmy.

Helmy said that the Suez Canal project requires a strong information technology infrastructure in light of Egypt’s central geographic location.

President Abdel Fattah Al-Sisi launched the start of the project with $8bn in investments for a new 72 km canal in addition to six underground tunnels.

Investment Minister Salman Ashraf said in a press statement that an offer for investment certificates with 12% annual returns over five years will also fund the project. According to the Minister of Communications, large technology projects will be implemented in the area in light of the 18 existing submarine cables whose networks require reinforcement.

“Projects will be implemented in the Technology Valley area in Ismailia as a prelude to the Suez Canal project,” the minister said.

Anticipated investments for the telecommunications, technology, and postal sectors during the 2014/2015 fiscal year amount to LE 22 billion, with 85% of investments from the private and the rest from the public sector.

The Ministry of Communications hopes for its participation in GDP to reach 7% through 2020 by supplying investments worth LE155 billion, the minister said.

Source: Daily News Egypt