The Israel Electric Corporation (IEC) has announced the entry of Cellcom as a strategic partner for the IBC fiber optic project. On Wednesday morning, 27 Menachem Av, a memorandum of understanding was signed between the parties according to which Cellcom will inject NIS 100 million into the venture and will hold 70% of the share capital and IEC will hold 30%.

“The entry of a leading Israeli communications company with a national commitment and tradition as a leading partner in the project will give the fiber project a real opportunity to compete in a competitive market and together with the Israel Electric Corporation, will advance the historic revolution required in the Internet infrastructure in the State of Israel.

The signing of the memorandum of understanding follows the recent cabinet approval of the high-speed internet in Israel.

“A change in the communications licenses and the IBC deployment requirements that the Ministry of Communications is expected to launch will open the opportunity for IBC to implement this important initiative and provide a real alternative to a modern, advanced communications infrastructure while maintaining its deployment both in the center and in the periphery,” said IEC CEO Yiftach Ron-Tal.

(YWN Israel Desk – Jerusalem)