Telecom Egypt bags $200m financing facility to buy undersea Internet cable

The African Export-Import Bank (Afreximbank) said on Wednesday that it will commit up to $200-million to Telecom Egypt (TE) in a bid to enable the telecommunication company finance working capital and investments in its infrastructure. The agreement for the short-term dual tranche facility would provide for TE to utilize the facility for the acquisition of a cross-border marine cable, which will enhance the volume of internet flow into Egypt and other African countries, and to finance working capital needs of the company.