29/03/2021 17:34
The new 19-million-euro long-term financing of the European Investment Bank to Cyprus telecommunication provider Epic was officially announced on Monday, to support the roll-out of the very high-capacity broadband network and related connectivity and IT investment.
The announcement was made at the EIB annual online press conference for the presentation of EIB’s activities and results for Cyprus in 2020. The online event was attended by Constantinos Petrides, Minister of Finance and EIB Governor, Kyriacos Kokkinos, Deputy Minister of Research, Innovation and Digital Policy, Lilyana Pavlova, EIB Vice President responsible for lending operations in Cyprus, Thanos Chronopoulos, CEO of Epic and Martin Peronnet, CEO of Monaco Telecom.
Minister Petrides said that since the start of operations in Cyprus, financing obtained by EIB amounted to around €4.5bn, while especially after the financial crisis of 2013, EIB has supported Cyprus efforts addressing economic challenges by providing financing of about €2bn towards the public and private sector.
"Cyprus continues to this day to be the most benefited EU member state in terms of its economy and size," he pointed out.
He referred to the EIB`s support during the pandemic. Three measures announced by the Government to support the economy (Pan-European Guarantee Fund; State Guarantee “Cyprus Banks Loan for SMEs and MidCaps” Scheme, “CYPRUS ENTREPRENEURSHIP SCHEME II”), are directly supported by EIB, he pointed out.
"I am especially pleased that in these challenging times our private sector has continued with innovative projects, such as the recent project of EPIC’s rollout of a fixed very high-capacity fibre broadband access network in Cyprus which has secured financing by EIB" he said.
He added that the government looks forward in strengthening the cooperation in the future through the EIB’s continuous support for the financial needs of the small and medium sized business as well as the financing of vital infrastructure projects in the public and private sector.
In her speech, EIB Vice President Lilyana Pavlova said that 2020 represented another strong year for the EIB in Cyprus, with EUR 245 million of new financing for visionary energy investment by Cypriot energy partners to cut carbon emissions and to enable Epic to improve broadband connectivity across Cyprus.
"The EIB is committed to supporting priority investment in Cyprus and pleased to back Epic’s investment to transform high-speed broadband access in Cyprus. The EIB is currently working closely with private and public partners to unlock new education, affordable housing, innovation and climate action investment in the country”.
She recalled that last year EIB support for energy transition in Cyprus included EUR 150 million backing for construction of a new LNG Terminal and EUR 76 million, guaranteed by the European Fund for Strategic Investments, to support construction of a new power plant at Vasilikos in Cyprus by the Electricity Authority of Cyprus.
Cyprus benefits from the largest EIB support, per capita, of any country in Europe with outstanding EIB exposure totalling EUR 2.7 billion, or 13% of national GDP.
Deputy Minister Kyriakos Kokkinos said that the timely deployment of fibre and 5G networks will create significant economic opportunities for the years to come, as a crucial asset for competitiveness and sustainability and a major enabler for future digital services.
"In this regard, I would like to thank EIB but also to congratulate both EIB and Epic for jointly engaging in this highly important initiative aimed at boosting high-capacity broadband connectivity throughout Cyprus".
He also said that delivering a resilient and robust secure digital infrastructure is an integral part of Cyprus` digital strategy.
Thanos Chronopoulos CEO of EPIC said that "our FTTH project is set to radically reshape the digital experience of the Cypriot households and enterprises and accelerate economic growth by providing new opportunities for innovation and productivity".
"The new EUR 19 million long-term EIB financing will allow Epic to speed up network expansion and transform broadband services in Cyprus,” he noted.
Monaco Telecom CEO Martin Peronnet said that it has been 2,5 years now since they decided to invest in Cyprus and acquired a company that became Epic.
"Our message has always been very clear, we believe that the Cypriot people deserve the best connectivity and the best prices and we are committed to do whatever it takes to bring both" he said.