The European Commission has backed a €150m loan agreement to help upgrade broadband networks in Greece.
The European Investment Bank (EIB) loan to Cosmote, the Greek telecoms operator, will be used to upgrade its mobile broadband network, increasing the network's performance in terms of speed, capacity and coverage. The money will be spent, in particular, to improve the network in rural and remote areas of Greece.
Pierre Moscovici, commissioner for economic and financial affairs, taxation and customs, said: “The agreement serves as testament to the Commission's broader strategic objective of seeking to fully exploit the opportunities offered by digital technologies to promote innovation, productivity and growth. The Commission remains committed to supporting investment that will act to secure Greece's economic recovery [from bankruptcy]."
The European Commission recently named the most innovative EU countries as part of its Innovation Scoreboard, showing innovation performance had improved in 15 countries – Greece wasn't one of them. Sweden remained the innovation leader, while Lithuania, Malta, the Netherlands, Austria and the UK were the most improved innovators.
The European Commission has also called for “swift action” from member states to drive forward its Digital Single Market initiative across the European Union, outlining further initiatives it intends to take concerning online platforms, the data economy and cybersecurity.