Telecom Egypt (TE) [ETEL.CA] will send its approval on the previously-announced 4G licence terms next week, according to an unnamed source. The company will start the payment process for the licence as well. According to the source, the Ministry of Communications and Information Technology (MCIT) will not draw back any of the announced requirements for the payment terms of the 4G licence, namely the 50% USD tranche. All operators are required to send their responses to the National Telecommunication Regulatory Authority (NTRA) in the first week of August. In related news, mobile network operators (MNOs) are complaining that sourcing USD liquidity from the black market is costing them an additional EGP2.5bn. (Al Mal)   Telecom Egypt: EGP9.38 as of 17 July 2016, Rating: Buy, FV: EGP12.21 per share, MCap: USD1,826mn, ETEL EY / ETEL.CA