First Juncker Plan project in Malta brings broadband to 70,000 homes

epa05101453 (FILE) A file photo dated 15 December 2008 showing an exterior view of the European Bank of Investment in Luxembourg. The European Investment Bank has put on hold lending to the German carmaker Volkswagen, amid concerns that a previous loan may have played a role in its emissions scandal, the president of the European Union's lending arm Werner Hoyer says 14 January 2016. 'For many, many years we have been active in high-tech research and development with Volkswagen,' Werner Hoyer said in Brussels. 'We were astonished, disappointed and we are now concerned about the allegations, including indications by senior company executives of improper and possibly fraudulent behaviour by Volkswagen.' EPA/NICOLAS BOUVY

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The European Investment Bank (EIB) and GO p.l.c. (GO) have signed a €28 million loan to finance GO’s investments in telecommunication infrastructure.

GO is listed on the Malta Stock Exchange and is the country’s leading telecommunication services company.

The EIB loan is backed by the European Fund for Strategic Investments (EFSI), the financial pillar of the Investment Plan for Europe, the Juncker Plan. The project is the first entirely located in Malta to benefit from the EFSI guarantee.

The project, to be implemented over three years, will support GO’s investments targeting a fixed line and mobile very high capacity (VHC) network throughout Malta.

GO will use the EIB loan to roll out its Fibre to the Home (FTTH) network to cover more than 70,000 additional households. This project is part of an ongoing multi-year investment programme through which GO is strengthening its infrastructure, introducing new technologies and improving operations with the objective of enhancing customer experience.

The Investment Plan for Europe – the Juncker Plan – was launched in November 2014 to reverse the downward trend in investment levels and put Europe on the path to economic recovery.

Its innovative approach based on the use of an EU budget guarantee provided to the EIB Group has enabled and continues to enable substantial public and private sector funds to be mobilised for investment into strategic sectors of the European economy. The Juncker Plan has already generated €450.6 billion of investment, and supported more than one million start-ups and SMEs across Europe.

 

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