Telecoms sector biggest supporter to Egypt’s 2016 budget: minister

The telecommunications sector is the largest supporter to Egypt’s state budget in 2016, said Yasser El-Kady, Minister of Communications and Information Technology.

El-Kady added, during a press conference held in Hurghada city on Wednesday that the telecommunications sector would contribute with returns worth of 10 billion Egyptian pounds (US$1.1 billion) to the state budget this year. The sector will add new frequencies and licenses within the current year.  

The minister further clarified that one billion pounds of the anticipated returns usually come earnings of Telecom Egypt (TE), of which the government holds about 80 percent share.