Egyptian ICT sector needs $18.5bn in funds: minister
Egyptian comms minister lays out roadmap for development by 2020
Egypt's telecoms minister, Atef Helmy, said the country's ICT infrastructure was in need of EGP130bn ($18.5bn) in funds between now and 2020.
"The investment of the government will not exceed 15%, as the projects will mainly rely on the investments of private companies," Helmy told Daily News Egypt.
The first of the national projects will cover high-speed Internet access. Its first phase is expected to be completed by 2017 and the second phase by 2020 with a total spend of EGP45bn.
Referring to the second project, Helmy said: "By 2020, around EGP30bn will be needed to develop the infrastructure for the high-speed Internet project."
The third project is intended to make communications devices more accessible to the Egyptian population, with around EGP9bn expected to be spent on this programme.
Helmy expects the projects to spur an increase in GDP growth rates, from 4% this year to 7% by 2020. He hopes the ventures will also create around one million jobs by 2020, of which 200,000 will be direct.
UK-based Vodafone Group has previously announced plans to invest around EGP9bn in its Egyptian unit, which is expected to create around 3,000 jobs by 2017. Vodafone is also said to have confirmed that its investments in Egypt over the past 15 years totalled some EGP30bn.