Telecom Egypt has signed a binding Letter of Intent (LoI) with Pakistan and East Africa Connecting Europe (PEACE) Cable International Network Co and its affiliate, HENGTONG OPTIC-ELECTRIC, the Chinese technology and industrial giant.
Under the LoI, PEACE will be granted an additional fibre pair to its redundant cross Egypt routes to accommodate PEACE extensive demand to Europe with a total value of USD 20mn, and in return HENGTONG shall provide TE with fibre optic cables of different cores based on competitive pricing that will be utilised in TE’s strategic plans for fibre deployment inside Egypt. The agreement enacting the LoI is expected to be completed within the next two months.
“I am very pleased with the signing of this letter of intent, which attests our network evolution over time to offer a secure passage for international traffic as well as demonstrates the significance of our services for the growing demand from the East to Europe,” said Adel Hamed, Telecom Egypt’s Managing Director and Chief Executive Officer.
“Strategically, this agreement is a manifestation of our future plans to extract synergies and integrate our strength across our business units by leveraging our positioning in the international market to secure a business opportunity for our local business within the strategy of extending our fibre network to every corner in Egypt.”
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