The JV aims to build a fiber network that reaches "at least" 6 million households with an investment of around USD 600 mln, 4iG said.
The MoU was signed in Cairo on Sunday.
In a separate press release, 4iG said the JV's investment would be made over a period of 10 years.
The agreement was signed at the Egypt-EU Investment Conference which was opened by Egyptian President Abdel Fattah El-Sisi and European Commission President Ursula von der Leyen.
Earlier in the year, 4iG signed a term sheet with Telecom Egypt on a high-capacity submarine data cable link between Albania and Egypt.
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