4iG, Telecom Egypt Sign Deal on Submarine Cable
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Listed Hungarian ICT company 4iG signed an agreement with Telecom Egypt on the construction of a high-capacity submarine fiber-optic cable between Albania and Egypt in Budapest on Thursday, according to a report by state news wire MTI.
4iG chairman Gellért Jászai said the two companies aimed to gain a "significant share" of the rapidly growing data traffic between Europe and Asia and Europe and East Africa.
Telecom Egypt CEO Mohamed Nasr said the agreement was of "strategic significance".
In an announcement posted on the website of the Budapest Stock Exchange, 4iG said the term sheet on the submarine cable set out the commercial terms and practical steps of the investment. The parties will establish a project company that will also handle commercial operations in the future, it added.
Speaking at the signing ceremony, National Economy Minister Marton Nagy noted that 4iG had signed a strategic agreement with the government in November in the framework of which it would plow HUF 150 bln into its mobile and fixed-line networks by 2028. The government also wants 4iG to be competitive on international markets, he added.
Egyptian Minister of Communications and Information Technology Amr Talaat said a "new turning point" had been reached in the cooperation between Egyptian and Hungarian companies.
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