Commission and European Investment Bank will announce a fund for broadband infrastructure
The European Commission and the European Investment Bank (EIB) will announce today in Luxembourg their plans to launch a fund for broadband infrastructure – the Connecting Europe Broadband Fund. This fund, which will lead to an investment platform combining private and public commitments, is announced together with three National Promotional Banks and Institutions (NPBIs) that aim to participate in the initiative as anchor investors: KfW Bankengruppe from Germany, Cassa Depositi e Prestiti from Italy and Caisse des dépôts et consignations from France. The Connecting Europe Broadband Fund will invest in broadband network infrastructure across underserved areas of Europe. Günther H. Oettinger, Commissioner for Digital Economy and Society, will participate in today’s announcement. Ahead of the event, he said: “I am grateful to our financial partners for the establishment of this broadband Fund. It is an important development for smart and efficient funding of broadband projects, especially in underserved areas, in line with the spirit and the letter of the Investment Plan. It is a great step towards a European Gigabit Society for all.” The launch of the investment platform was planned in the Commission’s strategy “Connectivity for a Competitive Digital Single Market – Towards a Gigabit Society“. It is an important step towards the deployment of the very high-capacity networks that Europe needs for its digital economy and society. The Connecting Europe Broadband Fund should raise at least €500 million at first closing through commitments from private and public investors, including the EIB and the European Commission. The European Commission will invest €100 million into the Fund from the Connecting Europe Facility.