Ambitious Egyptian program to setup high IT network

The government has begun its ambitious program to create a $ 1 billion high-speed telecommunications and IT network, an official announced Thursday.

Minister of Telecommunications and IT Ahmed Nazif said the new network is part of the continuing partnership between the government and private sector, which has already led to an 58 percent increase in IT investments over the last year.

"The network will be the first of its kind in the Middle East," he said, adding that Egypt is a pioneer in the field among developing nations.

Nazif said on Wednesday during a meeting with members of the Egyptian businessmen Association. (EBA) that the state's government program would commence before the end of the year.

"The government will offer facilities to the new projects in information technology and high-tech in a bid to lure more investments in this significant field including giving lands to investors at a very low price of only one dollar per meter," he added.