The European Bank for Reconstruction and Development (EBRD) is supporting Greece’s digital transition with a €150 million investment in Hellenic Telecommunications Organisation 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 tranche provided from the Bank’s own resources, as well as a €93.75 million tranche financed by the EU’s RRF and channelled 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.
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The EBRD is working with the government of Greece to support implementation of the country’s National Recovery and Resilience Plan and the subsequent deployment of funding to the Greek economy. The Bank’s programme will combine RRF loans managed and deployed by the EBRD, the Bank’s own commercial financing, and financing from private investors and commercial banks to achieve significant multiplier effects. Funds totalling up to €1 billion will be deployed in Greece until the end of 2025.
The EBRD started operating in Greece on a temporary basis in 2015 to support the country’s economic recovery. To date, the Bank has invested more than €5.7 billion in 92 projects in the corporate, financial, energy and infrastructure sectors of the Greek economy.
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The European Bank for Reconstruction and Development (EBRD) is supporting Greece’s digital transition with a €150 million investment in Hellenic Telecommunications Organisation 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 tranche provided from the Bank’s own resources, as well as a €93.75 million tranche financed by the EU’s RRF and channelled 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.
​
….
​
The EBRD is working with the government of Greece to support implementation of the country’s National Recovery and Resilience Plan and the subsequent deployment of funding to the Greek economy. The Bank’s programme will combine RRF loans managed and deployed by the EBRD, the Bank’s own commercial financing, and financing from private investors and commercial banks to achieve significant multiplier effects. Funds totalling up to €1 billion will be deployed in Greece until the end of 2025.
The EBRD started operating in Greece on a temporary basis in 2015 to support the country’s economic recovery. To date, the Bank has invested more than €5.7 billion in 92 projects in the corporate, financial, energy and infrastructure sectors of the Greek economy.