Hellenic Telecommunications Organization SA (OTE) on Thursday announced that it has reached a 150-million-euros loan contract with EBRD to fund the development of FTTH network around Greece.
The European Bank for Reconstruction and Development (EBRD) is supporting Greece’s digital transition with a 150 million euro investment in Hellenic Telecommunications Organization S.A. (OTE). The project is the first under the EBRD’s Greek Recovery and Resilience Facility (RRF) Co-Financing Framework and will be implemented as part of the “ Greece 2.0” National Recovery and Resilience Plan, funded by the European Union’s NextGenerationEU programme.
The 150 million loan consists of a 56.25 million euros tranche provided from the Bank’s own resources, as well as a 93.75 million tranche financed by the EU’s RRF and channeled via the Greek Ministry of Finance, which complements OTE’s contribution of 37.5 million. The funds will enable OTE to finance part of its rollout of “ fibre to the home” (FTTH) broadband infrastructure to approximately 371,000 households and businesses in 12 regions outside of Greece’s major cities, improving access to connectivity and high-speed broadband, and promoting regional inclusion. The project aligns fully with the RRF digital transformation pillar, while FTTH technology is nearly 40 per cent more energy efficient than traditional copper network cabling technology (ADSL) per unit of data transmitted. The transaction will therefore lead to significant reductions in greenhouse gas emissions and contribute to the green transition of Greece’s economy.
Latest News
Mini Holiday Season in Greece for Upcoming Orthodox Easter
Occupancy rates reach up to 90% domestically for accommodations open ahead of peak summer season
Greek PM Mitsotakis Says Fight Against Inflation Ongoing
The Premier made statement during a visit an an open vegetable market
Unpaid Taxes in Greece Reach 1.539bln Euros
As the figures revealed the number of debtors totaled 3,878,712 individuals and legal entities.
ELSTAT: Greek Primary Surplus Reaches 1.9% of GDP in 2023
Greek debt saw a slight dip to 356.7 billion euros by the end of 2023, down from 356.8 billion euros a year prior
Study: Greece in Top 5 Hotel Investments in Europe
As previously reported by OT, more than 60 hotel projects are set to be developed in Greece over the next four years
GEOAXIS Report: Office Rents Surge by 40% in Ten-Year Span
Geoaxis estimates that the different dynamics in the office market will continue into 2024/2025, predicting stability for older offices, increased demand for renovated spaces, and a slowdown in the rise of rents for modern, green offices
Greece: ‘Godparents’ Basket’ Debuts Today
As part of the program, Greek retailers are obliged to identify the lowest prices of certain categories of products traditionally purchased as Easter gifts by godparents for their godchildren between April 22 until May 4
Brain Waste in Greece: 22.74% of Migrants Overqualified for Jobs
Almost half of all college-educated migrants in Europe are overqualified for their jobs and twice as likely as natives to be unemployed, according to Lighthouse Reports
AB Vassilopoulos Supermarket Vies for 2nd Place in Greek Market
AB Vassilopoulos hopes its focus on its private label, addition of 2-3 company supermarkets and another 50 franchises will help it surpass LIDL
Greek Youth Struggle Amidst Low Wages and Soaring Expenses
Furthermore, 52.7% of respondents attribute Greece's current significant issues to governmental failure, while another 49.1% anticipate continued economic hardship in the nation's future