Egypt’s business digest Nov. 14: Orange Egypt completes payment for 4G mobile license; Egypt’s bourse opens on mixed note
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Orange Egypt completes payment for 4G mobile license

(Reuters) Orange Egypt has completed payment for its fourth-generation mobile services license and submitted the outstanding $242 million it owed the Egyptian government, a company official told Reuters on Monday.

The subsidiary of French telecoms group Orange, signed the deal last month, agreeing to pay $484 million to operate 4G services in the country of 90 million after the government agreed to offer it additional frequencies.

The mobile operator said last week that it had agreed on a 500 million euro ($553 million) loan from its parent company to cover the cost of the license.

Egypt sold four 4G licenses as part of a long-awaited plan to reform the telecoms sector and raise money for stretched government finances.

Orange was the first mobile phone operator in Egypt to sign the license deal and was followed by Vodafone and Etisalat. All three had initially turned down the licenses before reaching agreements to purchase additional spectrum.

 

 

Egypt’s bourse opens on mixed note Monday

Egypt’s stock exchange opened on a mixed note in Monday trade session, for the first time since the government has floated the Egyptian pound against the U.S. dollar scale early November, Youm7 reported.

EGX 30 index declined 1 percent, while EGX 50 rose up by 0.11 percent; and EGX 20 dropped by 0.25 percent.

 

Egypt to allocate $3.6  mln to state’s  2016/2017 budget: official

Egypt will allocate 60 million EGP ($3.6 million), a part from the first tranche of the International Monetary Fund (IMF)’s $12loan, to the state’s budget deficit of Fiscal Year of 2016/2017, Youm7 reported an anonymous official told Youm7 on Monday.

This year, Egypt will receive $4 billion as the first tranche of the loan to support the foreign reserve; the $4 billion will be given in two tranches: Cairo already received $2.75 billion on Friday, while the 1.25 billion will be given in the coming five months.

 

 

Egypt participates in Ifresh 2016 expo in Shanghai

Egypt has participated in the 9th iFresh China Fruit & Vegetable Expo that kicked off on Monday in Shanghai, Egypt’s state-owned news agency MENA reported.

Egypt’s participation in the two-day expo aimed to enhance the Egyptian exports to China, especially in the sectors of agriculture, Egyptian General Consul in Shanghai Khaled Youssef told MENA.

“Ifresh 2016 would be a base where plenty of imperative goods can be displayed. Many of these are typically about Food And Beverage, Fruits, Vegetables, Food Packaging, Fresh Products, Fresh Food, Food Logistics and Food Storage,” said the expo’s official website.

 

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