Malta: EIB provides EUR 20 million to GO for broadband (FTTH and 4G projects)
OREANDA-NEWS. The European Investment Bank (EIB) and GO p.l.c. (GO) signed a EUR 20 million loan aimed at financing the beneficiary’s investments in telecommunication infrastructures. GO is listed on the Malta Stock Exchange and is Malta’s leading quadplay telecommunications services company.
The project concerns GO’s investments targeting to enhance the availability and quality of mobile and fixed high speed broadband services in particular through 4G and FTTH technologies. This project is part of an ongoing multi-year investment program through which GO is strengthening its infrastructure, introducing new technologies and improve operations with the ultimate objective of enhancing customer experience.
The project is fully in line with the targets of the Digital agenda for Europe initiative (DAE) to enable next generation broadband connectivity for citizens and is also in line with the financing activity of the European Union’s bank for economic cohesion. The operation is supported by ‘InnovFin – EU Finance for Innovators’, with the financial backing of the European Union under Horizon 2020 Financial Instruments.
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
Background on InnovFin financial products
Under Horizon 2020, the EU research programme for 2014-20, the European Commission and the European Investment Bank Group (EIB and EIF) have launched a new generation of financial instruments and advisory services in 2014 to help innovative firms access finance more easily. Until 2020, "InnovFin – EU Finance for Innovators" offers a range of tailored products which will make available more than EUR 24bn of financing support for research and innovation (R&I) by small, medium-sized and large companies and the promoters of research infrastructures. This finance is expected to support up to EUR 48bn of final R&I investments.
Backed by funds set aside under Horizon 2020 and by the EIB Group, InnovFin financial products support R&I activities, which by their nature are riskier and harder to assess than traditional investments, and therefore often face difficulties in accessing finance. All are demand-driven instruments, with no prior allocations between sectors, countries or regions. Firms and other entities located in EU Member States and Horizon 2020 Associated Countries will be eligible as final beneficiaries.