The European Investment Bank (EIB) has agreed to loan Gruppo TIM (formerly Telecom Italia) €350 million ($428 million) to support digital infrastructure projects in Italy.
TIM will use the loan to develop state-of-the-art network infrastructure and strengthen regional fiber networks to meet recent growth traffic. Of the total loan, €230 million ($281 million) will go toward modernizing existing network and data centers and also partly support investments related to the construction of new data centers in Milan, Turin and Greece. The remaining €120 million ($147 million) will be used to invest in a state-of-the-art 5G mobile network in 2021.
The EIB has now financed some €700 million ($86 million) of TIM projects between 2019 and 2021.
