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
