Telecom Egypt has signed a memorandum of understanding (MoU) worth up to $400 million with the pan-African telecom group Liquid Telecom.
The partnership, which includes network infrastructure and data centres, was announced on Saturday on the sidelines of the Africa 2018 Forum, the Egyptian Ministry of Communications and Information Technology (MCIT) said in a statement.
The MoU was signed by Ahmed El Beheiry, managing director and CEO of Telecom Egypt, and the chairman of Liquid Telecom’s parent company Econet Strive Masiyiwa, with the attendance of Egyptian investment and international cooperation minister Sahar Nasr and minister of MCIT Amr Talaat.
Upon the agreement, Telecom Egypt will connect Egyptian businesses to the rest of Africa through a network, in line with partnering with Liquid Telecom to build data centres across Egypt, according to a statement by the African firm.
It is worth noting that the Africa 2018 Forum, being held from 8 to 9 December in Sharm El Sheikh under the supervision of President Abdel Fattah El-Sisi, is an international event hosted under the theme “Business for Africa and the World” to promote greater economic integration in the world’s second largest continent.