The European Investment Bank is providing a €28 million loan to Maltese telecommunications provider GO p.l.c. to extend and improve its broadband network.
The Europen Investment Bank (EIB) loan is backed by the Juncker Plan’s European Fund for Strategic Investments, and it is the first project entirely located in Malta to benefit from the EFSI guarantee.
GO will use the financing to roll out its Fibre to the Home (FTTH) network to cover more than 70,000 additional households. This project is part of an ongoing multi-year investment programme through which GO is strengthening its infrastructure, introducing new technologies and improving operations with the objective of enhancing customer experience.
European Commissioner Karmenu Vella said: “I am very happy that Malta has finally received its first direct EIB loan under the Juncker Plan. It is extremely positive news that people living and working in Malta will soon benefit from improved and more extensive high speed broadband. I encourage more Maltese companies to take advantage of the financial support offered both under the Juncker Plan and the future InvestEU Programme as of 2021.”
The press release is available here.
As of November 2019, the Juncker Plan had already mobilised €450.6 billion of investment across the EU, and supported more than one million start-ups and small and medium businesses. Juncker Plan-backed investments have increased EU gross domestic product by 0.9% and added 1.1 million jobs compared to the baseline scenario.
By 2022, the Juncker Plan will have increased EU GDP by 1.8% and added 1.7 million jobs.