Government to inject LE130 million into telecom sector

The government will lend LE130 million to telecommunications companies to help them overcome the current recession, the communications and information technology minister announced Thursday.

“This [loans] will encourage [the companies] to participate in government projects in the future,” said Communications and Information Technology Minister Mohamed Abdel Kader Salem in a statement.

He added that LE30 million of the loans will be allocated to small businesses and micro enterprises in the telecommunications sector.

“The government is prepared to inject new funds [into this sector] to help owners of small businesses and micro enterprises continue their activities,” Salem said.

Yasser al-Kady, the chief executive officer of the Information Technology Development Authority, said the government aims to raise the efficiency and competitiveness of telecommunications companies.

Last January, the London-based Business Monitor International said the performance of Egypt's telecommunications sector was “remarkable considering the negative effect of the ongoing political crisis on economic activities.”

Translated from Al-Masry Al-Youm

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