Today, in the margins of the Union for the Mediterranean (UfM) Regional Forum and the EU-Southern Neighbourhood Ministerial meeting, the European Commission signed an agreement with the European Investment Bank (EIB) for a €40 million EU grant to support a high-speed fibre-optic connection under the Mediterranean as part of the “MEDUSA” project supported by the EU’s Economic and Investment plan for the Southern Neighbourhood.
This EU grant contribution will increase and guarantee the connectivity via the submarine cable and direct terrestrial links, up to the national research and education centres of EU’s Southern Neighbourhood region.
EIB Vice-President RicardoMourinho Félix said: “Digital transformation and high-speed digital connectivity is crucial in a post-pandemic world. The €40 million grant agreement signed today with the European Commission will improve connectivity between the EU and our North African Partners, bringing next generation access networks to the region while fostering socio-economic benefits. By working together, we can accelerate our efforts in promoting more integration in the region and encourage sustainable development and economic growth, providing more opportunities for all.”
Commissioner for Neighbourhood and Enlargement Negotiations, OlivérVárhelyi, said: “The Commission and the EIB are teaming up to implement one of the flagships of our Economic and Investment Plan to boost digital connectivity in the Southern Neighbourhood. The €342 million MEDUSA project will directly connect, for the first time, the Northern and Southern shores of the Mediterranean Sea and the Southern countries among themselves via a high-capacity, multi-country, future-proof optical fibre submarine cable. Through this 7,100 km long cable, we will significantly upgrade the interconnectivity, stimulating innovation and research in the region, notably about 500 Universities, institutes of education and research centres and about 4,5 million students will benefit from increased connectivity. The MEDUSA project will inherently support the region’s economic and social development.”
The “MEDUSA” project consists of installing a state-of-the-art, high capacity optical-fiber submarine cable that connects five Mediterranean EU countries (Cyprus, France, Italy, Portugal, and Spain) with four countries from the EU’s Southern Neighbourhood (Algeria, Egypt, Morocco, and Tunisia). It will be 7,100 km long in total and will include around twelve landing points in nine EU and Southern Neighbourhood countries. A €40 million EU grant will secure direct high-speed connectivity in particular between the research and education communities and users in the North African countries and the EU via the landing station in Barcelona. The EIB is expected to provide the debt finance for the infrastructure with a contribution of up to €100 million in loans. The operation is still subject to the final approval of the EIB Governing Bodies.
This funding will also provide an alternative route for data traffic on the targeted EU routes andallow EU telecom operators to become essential partners in supporting socio-economic growth in the region. “MEDUSA” contributes to the EU’s Global Gateway and EIB Global. It is one of the flagship projects under the EU’s new Agenda for the Mediterranean adopted last year to boost digital connectivity in the EU’s Southern Neighbourhood.
EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance. EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.
European Investment Bank (EIB) Vice-President Lilyana Pavlova has visited North Macedonia to reaffirm the Bank’s longstanding commitment to supporting the country’s sustainable growth, through investments in vital infrastructure and close cooperation with local partners. On this occasion, the Bank signed an investment of €50 million to construct and refurbish water supply, wastewater and flood protection infrastructure, available to the country’s 80 municipalities. This funding will help improve the coverage, quality and climate resilience of water and sanitation services, while protecting public health and the environment. The project will benefit some 700 000 people, create new economic opportunities and strengthen climate change resilience for around 40% of country’s population.
The European Investment Bank (EIB), the bank of the European Union, is continuing to provide financial and technical support to the Republic of Moldova by investing almost €280 million in loans and mobilising some €16 million in grants for the public and private sectors in 2022.
The European Investment Bank is partnering with the citizen-engagement platforms, Debating Africa and Debating Europe, on a focus group project asking 100 young people, aged between 18-35, about their concerns around some of the major challenges facing the world today.