A PYMNTS Company

EU: Commission approves €300M for broadband networks in Greece

By  |  July 31, 2019
EU: Commission approves €300M for broadband networks in Greece

The European Commission has approved, under EU State aid rules, €300 million (US$332 million) of public support for Greece’s Ultrafast Broadband Infrastructure Scheme. The scheme will bring ultrafast broadband services to customers in areas with insufficient connectivity in Greece. The Greek Ultrafast Broadband Scheme has an indicative budget of €300 million and is financed through the European Regional Development Fund, the European Agricultural Fund for Rural Developmentand private investments.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The measure will incentivise private investments in further connectivity, facilitate competition, and encourage investments in the provision of ultrafast internet access to households and businesses in the target areas. The Commission assessed the measure under EU State aid rules, in particular its 2013 Broadband Guidelines. The Commission concluded that the scheme’s positive effects on competition in the Greek broadband market outweigh potential negative effects brought about by the public intervention.

    Commissioner Margrethe Vestager, in charge of competition policy said, “Access to high-performance internet connectivity is crucial for European citizens, for society and the economy. With this decision, the Commission endorses the use of EU funds for the development of ultrafast internet in areas of Greece where private investment is insufficient. This is an important step for competitiveness and innovation in Greece as well as for social and territorial cohesion,enabling Greek households and businesses to benefit fully from the Digital Single Market.”

    Full Content: European Commission

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.