Cyprus: EUR 19 million EIB backing for Epic high-speed Fiber to the Residence community roll-out

Cyprus: EUR 19 million EIB backing for Epic high-speed Fiber to the Residence community roll-out


©EIB
  • New funding to rework entry to Gigabit companies
  • Community roll-out to attach cities and rural areas
  • First EIB help for broadband funding in Cyprus

Community growth to enhance entry to the Epic high-speed broadband community in Cyprus will probably be accelerated by EUR 19 million long-term European Funding Financial institution financing confirmed in the present day.

The brand new funding will help set up of 1,600km of fibre community as a part of the roll-out by Epic of a Very Excessive Capability broadband community in Cyprus. The Fiber to the Residence (FTTH) know-how will enable entry to Gigabit digital companies and join each cities and rural areas.

The primary ever EIB help for Epic Ltd. was formally agreed at by Thanos Chronopoulos, CEO of Epic, Martin Peronnet, CEO of father or mother firm Monaco Telecom and Lilyana Pavlova, EIB Vice President accountable for lending operations in Cyprus. Constantinos Petrides, Minister of Finance and EIB Governor, and Kyriacos Kokkinos, Deputy Minister of Analysis, Innovation and Digital Coverage attended the digital announcement.

“Superior networks are one of the crucial elementary blocks of the EU’s digital transformation and an important pillar of the restoration, at nationwide and European stage. The well timed deployment of fibre and 5G networks will create vital financial alternatives for the years to come back, as a vital asset for competitiveness and sustainability and a serious enabler for future digital companies. On this regard, I wish to thank EIB but in addition to congratulate each EIB and Epic for collectively partaking on this extremely essential initiative aimed toward boosting high-capacity broadband connectivity all through Cyprus. The long-standing engagement of the European Funding Financial institution in Cyprus has been and can proceed to be instrumental in fostering sustainable and inclusive development, creating an enabling surroundings that accelerates a profitable inexperienced and digital transition,” Deputy Minister of Analysis, Innovation and Digital Coverage, Kyriacos Kokkinos.

“We see ourselves as catalysts for change and development, our FTTH undertaking is ready to radically reshape the digital expertise of the Cypriot households and enterprises and speed up financial development by offering new alternatives for innovation and productiveness. Our ambition is to introduce and lead Cyprus to the gigabit period by offering unparalleled fibre connectivity speeds at a very reasonably priced worth so as to expedite adoption and meet the current and future digital wants of our clients within the fashionable period. The brand new EUR 19 million long-term EIB financing will enable Epic to hurry up community growth and remodel broadband companies in Cyprus,” mentioned Thanos Chronopoulos, Chief Govt Officer of Epic Ltd.

“Funding to enhance broadband speeds is crucial for competitiveness, enterprise companies and social life. Throughout Europe COVID-19 journey restrictions, working from house and lockdowns have highlighted the necessity to scale up community funding and unlock digital innovation. The primary ever EIB help for Epic will make sure that Cyprus is best linked within the years to come back.” mentioned Martin Peronnet, Chief Govt Officer of Monaco Telecom, father or mother firm of Epic Ltd.

The brand new funding may also assist to enhance ultrafast broadband entry, which at the moment lags behind the EU common.

“The European Funding Financial institution recognises the significance of Epic’s long run funding for Cyprus as a data economic system, to strengthen enterprise connectivity and competitiveness, and to permit households to learn from subsequent era broadband companies. The EIB is happy to supply EUR 19 million in long-term financing to Epic  that can enhance the productiveness of the complete economic system,” mentioned Lilyana Pavlova, EIB Vice President.

The brand new EIB backed funding, supported by the European Fund for Strategic Investments, will enable EPIC Fiber to the Residence clients to learn from 1 Gbps obtain speeds and higher entry to digital companies.

Constructing on EIB help for transformational telecom funding

During the last 5 years the European Funding Financial institution has offered EUR 11.7 billion for telecom and broadband community funding around the globe.

This has supported funding by main telecom operators together with Deutsche Telekom, Telefonica, Iliad, Orange, Magyar Telecom and Eutelsat, in addition to development of submarine communications cables to Africa, roll-out of nationwide broadband networks and improvement of 5G cellular infrastructure.

 



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