Ljubljana, 17 December (STA) - Telekom Slovenije has signed a loan agreement with the European Investment Bank (EIB) worth up to EUR 100 million for the expansion of its fibre optic network through 2023.
On signing the agreement on Thursday, EIB Vice-President Liljana Pavlova said the Covid-19 pandemic had shown reliable and fast internet was essential for the normal functioning of society, according to a press release from Telekom.
"Our investment in Telekom ... is a contribution to the increased quality of life and doing business in Slovenia and allows the country to accelerate digitalisation and modernisation. For the EIB, this operation reinforces our pledge to support sustainable, long-term economic and social development of Slovenia," she said.
Telekom CEO Tomaž Seljak said the company's state-of-the-art fibre optic access network was "preparing the infrastructural foundations for future telecommunications activities".
The fibre optic network of the majority state-owned Telekom is currently accessible to more than 360,000 Slovenian households.
The EIB funds will allow it to finance the continued expansion and upgrade of its network with gigabit speeds, both in urban centres and rural areas, including so-called white spots, where there is no market interest in building networks.
The loan agreement comes after Telekom received the green light from the government in July to borrow from the EIB.