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€150 million loan approved to upgrade Greece’s broadband networks

The Investment Plan for Europe, the so-called "Juncker Plan", has backed a €150 million EIB loan agreement with Cosmote, a Greek telecommunications operator, to upgrade its mobile broadband network. This agreement was made possible by the support of the European Fund for Strategic Investments (EFSI).

The loan agreement will help to finance Cosmote's plans to enhance and expand its mobile broadband network, significantly increasing the network's performance in terms of speed, capacity and coverage. It will, in particular, improve the networks performances in more rural and remote areas of the country.

"This agreement demonstrates yet again the valuable role the Juncker Plan can play in mobilizing investment to support and expand growth-enabling infrastructure in Greece," said Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs.

"The agreement also serves as testament to the Commission's broader strategic objective of seeking to fully exploit the opportunities offered by digital technologies to promote innovation, productivity and growth," Pierre added. "The Commission remains committed to supporting investment that will act to secure Greece's economic recovery."

The Juncker Plan is working to boost investment, support jobs and spur growth in Greece and across Europe. As of June 2017, operations approved in Greece under the EFSI represent a financing volume of over €1.1 billion and are expected to mobilize over €3.3 billion in investments.

This project contributes to meeting Europeans' growing connectivity needs, promoting access to high quality networks and boosting Europe's competitiveness, as foreseen in the Digital Single Market strategy. Some 10% of EFSI investments are in digital sectors.