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€500 million managed by European Investment Bank and National Promotional Institutions to promote more competitiveness for Italy
CDP together with its French and German sister organizations have launched a new initiative to bring broadband to areas ignored by private investors.
The new infrastructure-financing plan, dubbed Connecting Europe Broadband Fund, is endorsed by the European Commission and the European Investment Bank (EIB) and aims to raise at least 500 million euros between public and private capital.
The project, created in collaboration with CDP, Germany’s Kfw, and French and Caisse des Dépots, is part of a broader project of the European digital economy and will be the first investment platform to support the development of digital infrastructure under the European Fund for Strategic Investment (EFSI).
The investment platform seeks to counter market failure by responding to demand for high-speed internet connectivity in areas where the small-scale nature of the projects create a risk generally considered too high for private companies to invest without public partners.
In particular, the Connecting Europe Broadband Fund will invest in 7 out of 12 projects every year from 2017 to 2021 at a total cost of up to 150 million euros. The projects serving 20 European Union member countries by 2021 will receive funding between 1 and 30 million euros with additional investments in areas not completely covered by broadband service.
National promotional institutions (NPIs) CDP, KfW, and Caisse des Depots are among the main actors operating in the European Commission Plan for Europe, commonly known as the Juncker Plan, which aims to unlock at least 315 million euros of public and private investments in European Union infrastructure. CDP acts as anchor investor for financing that supports infrastructure and digital growth, promoting community development, in accordance with its 2016-2020 Business Plan.