EU invests €10m in Spain internet access
The European Investment Bank (EIB) has agreed a €10m loan deal with Spain’s Adamo Telecom Iberia, a subsidiary of Swedish company Bredband Adamo.
The EU-funded loan will help expand Adamo’s fibre optic infrastructure and support the ‘Fibre To The Home’ (FTTH) coverage in different Spanish regions.
The company’s current network reaches more than 90,000 homes, which is expected to expand to 285,000 in the next phase.
European Commissioner for Research, Science and Innovation Carlos Moedas said: “Investing in innovation in the 21st Century means also investing in better connected societies. Thanks to this agreement, hundreds of thousands of Spanish homes will get a new high-speed connection to the internet. This directly contributes to the commission’s strategy to create a European digital single market. It brings people and enterprises closer together with the rest of the world, and helps to build a stronger society and economy in Spain and the EU.”
The loan agreement deal falls under the InnovFin MidCap Growth Finance, which forms part of the new financial instruments under Horizon 2020.
InnovFin MidCap Growth Finance is part of “InnovFin – EU Finance for Innovators”, the new generation of EU financial instruments and advisory services developed under Horizon 2020 to assist in accessing finance. It will help inject up to €48bn in investments in Research and Innovation across Europe, offering long-term loans in order to improve access to finance for innovative larger midcaps (i.e. firms employing up to 3,000 persons).
SMEs and small midcaps can also acquire financing through the facility.
Loans from €7.5-€25m are delivered directly by the EIB.
The European Commission has made the creation of a Digital Single Market one of its top priorities, with the aim of helping every European reap the benefits of digital technology
