Greece’s Independent’s Power Transmission Operator-IPTO‘s subsidiary Grid Telecom and Telecom Egypt, Egypt’s leading telecommunications organization, are starting the branching to Crete of the large telecommunications cable that will connect most of the countries on the coast of Africa.
According to IPTO, this development will make Greece a strong open access data transfer hub between Europe, Africa and Asia.
Strategic investment
It is a strategic joint investment through which the two sides participate in the development of the first undersea cable infrastructure between Greece and Egypt, via Crete, creating a new, reliable telecommunications bridge across three continents. In this context, Grid Telecom, which is the telecommunications “vehicle” of the Operator, acquires significant cable capacity to Egypt, Italy and France, ensuring access through the new cable to neighboring countries.
Also read: What is Plan B in case of a blackout – All the measures for the country’s energy shield
Following the signing of a preliminary agreement in June 2022, the President and CEO of ADMIE, Mr. Manos Manousakis, the CEO of Telecom Egypt, Mr. Adel Hamed and the Director of Grid Telecom, Mr. Giorgos Psyrris, signed yesterday in Cairo, in the presence of of the Minister of Telecommunications and Information Technology of Egypt Dr. Amr Talaat, the contract for the construction and laying of the branch of the great cable of Africa. It was preceded by the signing of a strategic Memorandum of Understanding in February 2022 in Athens, which laid the groundwork for exploring different connectivity options between Greece and Egypt through existing and future fiber optic links.
Total length of more than 45,000 km
The African submarine cable system is expected to be completed in 2024 and will have a total length of more than 45,000 km.
The planned branch of the cable will be beached at Tympaki, on the southern side of Crete, connecting the island in the east with Port Said in Egypt and in the west with Genoa in Italy and Marseille in France.
The new telecommunications cable will efficiently serve the growing data traffic between Europe, Africa and the Middle East. It will also be the shortest, lowest latency data transfer route between Egypt and Greece extending north to the Balkans, Central and Western Europe and south to the Arabian Peninsula and other important destinations in Asia and Africa.
Latest News
EIB Appoints Greece’s Ioannis Tsakiris as New VP
Ioannis Tsakiris started the new role May 1 after spending 15 years at the European Investment Fund (EIF) and serving as Greece’s Deputy Minister for Development and Investments
Two Greek Beaches in Top 50 in the World
Both Greek beaches were on the list of the best beaches in Europe too
Eurostat: Greece 20th out of 26 European States in Hourly Average Wage
According to figures released by Eurostat, the Benelux Grand Duchy of Luxembourg, one of Europe’s hubs for finance, is in first place
Greek Property Renovation Surge amid Economic Constraints
This has led to a notable escalation in renovation costs, with average prices per square meter exceeding previous norms and reaching even 1,000 euros in premium locations
RRF: Additional €5.1bln Funds for Subsidies to Greece in 2025
By April 22, funds totaling 5.75 billion euros had been transferred for approved projects of the Recovery Fund to entities within and outside the general government and final recipients
OECD: Greek Economy Resilient with 2% Growth Forecast for 2024
However, the OECD highlights challenges including the need to enhance productivity and fiscal adjustment due to high debt levels.
Challenges and Delays in Greece’s Hydrocarbon Exploration
Sources disclose that the petroleum companies holding the concessions are seeking partners to jointly invest and share the costs of exploration and drilling.
Greek Beach Visitors Can Report Violations on New ‘MyCoast’ App
Greek authorities hope the newly-launched, free ‘MyCoast’ app will help clamp down on public beach violations
BoG Figures Confirm Banner Year for Greek Tourism in 2023
20.6 billion euros in related revenues topped the previous year’s figure by 16.5%
Piraeus Bank to Propose First Dividend in 16 Years
Piraeus Bank has forecast profits of roughly 900 million euros this year, rising to one billion euros next year