The European Investment Bank (EIB), the bank promoting European objectives, is stepping up its support for Telecom Italia (TI)’s investments in research, development and innovation (RDI) in Italy with a loan of EUR 200m.
This is the second and final tranche of a total EUR 400m loan aimed at supporting the RDI activities carried out by TI in Italy. A first tranche of EUR 200m was signed in November 2007.
“The Bank has closely followed the recent presentation of TI’s 2008-2010 industrial plan and is certainly willing to support the company’s medium and long-term investment programme including the deployment of a new-generation network in Italy”, said EIB Vice-President Dario Scannapieco. “The EIB”, he added, “appreciates the good working relationship established with Telecom Italia in recent years and is confident that it will be further reinforced in the future”.
“Today’s agreement marks a new chapter in the long-standing relationship between TI and the EIB, an institution that has always recognised and rewarded quality”, said Mr Franco Bernabé, TI’s Chief Executive. “The EIB’s renewed support is particularly significant”, he continued, “because it acknowledges both the economic soundness of Telecom Italia's project and the validity of its research and technology activities”.
The EIB loan signed today will contribute to developing TI’s innovative Information and Communication Technology (ICT) infrastructure, hardware and software applications as well as facilitating improved Internet, multimedia and telecom services. In addition, it will underpin the provision of services that stimulate the further development of broadband communications infrastructure and support European competitiveness in the ICT sector, with benefits to the wider economy.