CAIRO: “Information and Communications Technology (ICT) is Egypt’s oil, for being a renewable source of income,” Minister of Communications, Khaled Negm told Oxford Business Group (OBG) in an interview May 13.
He added that ICT will enable the Egypt to be more connected and also pave the way for Egypt to become a regional data hub in the long term.
The minister discussed upgrading the network to fiber optics, which would he said would help to pushing Egypt’s industry forward.
Negm noted that improving telecom and data services would make the internet faster and cheaper, as the number of internet users in Egypt had reached 48.3 million, or 56.2 percent of the 90 million population, as of the end of 2014.
The International Monetary Fund (IMF) Fund increased its forecast for Egypt’s economic growth in 2015 to 4 percent, from 3.8 percent in its previous assessment.
The fund forecasts Egypt’s economy to grow by 4.3 percent in 2016, noting that lower oil prices will reduce Egypt’s vulnerabilities as a main oil importer in the Middle East.