Telecom Egypt’s Chief Executive Director, Ahmed El Beheiry, revealed on June 22 that the firm is about to take a $720.22 million loan. The company’s board approved the loan conditions and it will be paid back over the next eight years. The loan will be used to improve infrastructures and develop mobile internet services.

Telecom Egypt made the announcement regarding the loan a day after 4G frequencies were awarded to telecom operators by the National Telecom Regulatory authority (NTRA).

Each of the operators now has to get ready to launch 4G, within the next two months. Customers who have been waiting for the technology since 2014 have only few more weeks to wait.

Telecom Egypt aims to replicate its experience with land internet in the mobile segment. To this end, it acquired mobile and 4G licenses at the same time. It expects its revenues and users’ pool to increase as it will offer higher quality services.