News

TIM secures €350 million digitalisation loan from EIB

TIM van.jpg

TIM has secured €350 million in finance to deliver its planned 5G, fibre optic network and data centre projects.

Extended by the European Investment Bank (EIB) the funds are split into a €230 million provision covering the 2021-2023 period, to be channelled into the fixed line network and data centre portfolio under TIM's Beyond Connectivity plan. the projects will also strengthen the backbone and regional fibre optic networks (including the IP backbone) to address the strong growth in traffic from fixed and mobile access networks and data centres.

The financing also partly supports investments related to the construction of new data centres in Milan and Turin by Noovle, TIM’s cloud and edge computing subsidiary, and in Greece by Sparkle, the group’s global operator, as well as the modernisation of existing Italian data centres.

An additional loan of €120 million will follow for investments in a "state-of-the-art mobile network in 2021". The allocation follows the initial €350 million signed in 2019 to provide overall support of €470 million for this project.

In total the EIB has financed TIM projects valued at €700 million between 2019 and 2021 as part of the Digital Agenda for Europe.

 

 

 

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree