OTE signs 150-million-euros loan contract with EBRD

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.

OTE signs 150-million-euros loan contract with EBRD

The European Bank for Reconstruction and Development (EBRD) is supporting Greece’s digital transition with a 150 million eirps 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.

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