Telecom Egypt spends $3 bln on internet services since 2014

Telecom Egypt has spent around $3 billion to improve internet services from 2014 to date, chief executive and managing director said on Monday.

Over the last two years, the state-run telecom operator spent $2 billion on Egypt’s internet infrastructure as part of the government’s plan to achieve digital transformation, Adel Hamed told Mubasher on the sidelines of a conference held yesterday.

“We will sign a deal with China Telecom Corp. within the upcoming period,” he said.

Moreover, Telecom Egypt’s profits rose 3.5 percent to 2.133 billion Egyptian pounds ($130.6 million) during the first half of the current year against 2.061 billion during the same period in 2018.