The central bank’s moves to raise interest rates put Etisalat Misr under financial pressure and drove it to reduce expenditure, CFO Ehab Roshdy told Al Mal. Roshdy says Etisalat considers itself a long-term investor in Egypt and so it understood the government’s drive for economic reform. He added that the company, since the beginning of its operations in Egypt in 2007, has only repatriated profits to its parent twice, opting to reinvest its profits domestically to develop its networks.

Tags: