Telecom Egypt (TE) signed an EGP 55m agreement with Commercial International Bank (CIB) to provide a service that would give the bank’s data centre a data speed of 10 gigabytes per second using fiber-optic technology, according to a statement from TE.
Providing the fiber-optic infrastructure to the CIB network would ensure a highly efficient service and innovative solutions in linking all branches of the bank, Tamer Gadallah, head of Enterprise Business Unit of Telecom Egypt, pointed out.
This agreement aligns with CIB’s plan to renew its network and equip branches with the latest technology that would help provide their customers with a more advanced banking service.
Mohamed El-Nawawy, CEO of TE, said in a statement that TE is committed to offer its clients with the latest solutions and technology plans, in addition to an integrated telecom service after obtaining a licence for mobile services.
The bank’s database of clients is growing at a “remarkable rate” and the banking transactions that compelled the bank to manage these rising demands are increasing as well, Chairman of CIB Hisham Ezz El-Arab said, noting that the banking communication service market has recently witnessed a big leap in applications from the financial sector.
TE has signed an agreement with the National Bank of Egypt (NBE) earlier in November to upgrade the bank’s network to a fiber-optic infrastructure. It has also announced cooperation with Al-Futtaim Real Estate Group to supply its project, “Cairo Festival City”, with telecommunications, data transfer and “Triple Play” services, using advanced fiber-optic technology.
Regarding TE’s mobile licence, the Ministry of Communication and Information Technology (MCIT) said in December that it is finalising the unified licence conditions to be issued early 2014, after three consecutive postponements in July, September and November.
The Minister of Communication announced that an international conference will be held in Egypt to disclose the details of issuing the unified licence, after the cabinet approves the necessary tender document.