– Egypt secures $675 million in foreign direct investment through the sale of 5G licenses to major telecom operators, including Vodafone Egypt, Orange, and WE, enhancing its digital infrastructure.

– The Egyptian government has implemented key reforms, such as the New Investment Law and establishment of free zones, to streamline business operations and attract foreign capital in sectors like infrastructure, technology, and energy.

– Egypt’s focus on expanding its 5G network is part of a broader strategy to foster growth in smart cities, healthcare, and agriculture, positioning the country as a regional tech and innovation hub.

Egypt is set to secure up to $675 million in foreign direct investments within weeks through the sale of 5G licenses to telecom operators, Prime Minister Mostafa Madbouly announced in a televised speech.

Minister of Communications and Information Technology Amr Talaat recently confirmed that Egypt has finalized the allocation of 5G network licenses to the four major telecom operators, totaling $675 million. The licenses were granted to Vodafone Egypt, Orange, and E&Egypt during a signing ceremony, following similar terms set earlier for the Egyptian Telecommunications Company (WE).

Talaat highlighted that the launch of 5G in Egypt represents a significant milestone, fostering growth in smart cities, agriculture, healthcare, and other sectors nationwide.

Egypt has traditionally been a popular destination for FDI, particularly in sectors such as energy, real estate, infrastructure, and telecommunications. Egypt has seen steady recovery in FDI inflows, particularly after the implementation of the 2016 IMF-backed economic reform program.

This program included the floating of the Egyptian pound, subsidy cuts, tax reforms, and new investment-friendly regulations. As a result, FDI reached $8.9 billion in 2022, according to official data, with expectations for continued growth due to further reforms.

Egypt’s ongoing economic reforms and investment-friendly policies are geared towards enhancing FDI inflows, with the government focusing on key sectors such as infrastructure, technology, and energy.

By introducing measures such as the new investment law, creating special economic zones, and fostering public-private partnerships, Egypt aims to strengthen its position as a regional hub for foreign investment.

The recent issuance of 5G licenses is part of this broader effort to modernize the economy and attract cutting-edge technology investments, marking a significant milestone in the country’s journey towards digitalization and economic growth.