Vodafone Egypt to Pay Half of 4G Licence in DollarsSource: www.export-egypt.com 10/17/2016, Location: Africa |
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Vodafone Egypt will pay half of the fee for its 4G mobile license in dollars, a company official told Reuters, satisfying a condition that initially held up final agreements for the spectrum sale.
Egypt's telecom regulator said in August that companies interested in acquiring the 4G license would be required to pay 50 percent of the licence fees in U.S dollars. Egypt needs hard currency after burning through its foreign exchange reserves and some multinational companies have struggled to repatriate dollars amid the currency shortage. Vodafone Egypt agreed to pay $335 million for the licence as part of the country's long-delayed plan to reform the telecoms sector. The company did not disclose at the time whether they had reached agreement over the dollar payment, but said new terms that eased their ability to buy additional spectrum required to operate the 4G services had sweetened the deal. "We paid 1.5 billion Egyptian pounds of the license value on October 15 and we will pay the remaining fee within the coming days in coordination with our parent company," the official, who declined to be identified, said. |
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