The European Investment Bank (EIB) will be financing telecom firm Epic with €20 million to accelerate its 5G project and fibre-to-home infrastructure, with the aim of Malta having a 5G network by 2024.
“Today is an important day, not only for Epic, but also for our country. In today’s day and age, connectivity is essential as many businesses switch to a digital infrastructure to be more efficient, resilient and closer to workers and consumers,” stated Minister for the Economy, European Funds and Lands Silvio Schembri.
He thanked the EIB for its initiative and the support it gave to telecommunication companies internationally to help countries build a strong technological infrastructure.
The financing agreement was signed today in Malta in the presence of the Economy Minister.
“The investment of Epic and EIB in our country is being made only a few weeks after Eurostat rated Malta first with an internet service that reaches 90 per cent of all homes and 95 per cent of businesses,” Minister Schembri highlighted.
Gelsomina Vigliotti, Vice-President of Epic, said that the telecommunications sector requires significant investments to keep up with the digital acceleration. Thanks to the support of the EIB, Epic Communications Ltd will be expanding the 5G network to the whole country and the fibre-to-home connection to a quarter of Maltese homes.
Tamas Banyai, CEO of Epic, said that the vision of Epic goes hand in hand with that of the EIB and the Maltese government to deliver digital access to every person, home and business so as to be connected to the rest of the world.
The move was welcomed by banking regulators around the world
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