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Presenting a joint initiative with the European Commission, the EIB, the CdC and KfW to support the development of ultra broadband infrastructure in Europe
CDP confirms support for innovation and infrastructure development with the Connecting Europe Broadband Fund (CEBF), the initiative promoted together the European Commission, the EIB and the National Promotional Institutions (NPIs) CDC and KfW to finance "small-scale" ultra-broadband infrastructures on a European basis, focusing on areas with partial market failure. CEBF is in fact the first investment platform in EFSI to support ultra-broadband infrastructures to contribute to the achievement of the targets set by the European Digital Agenda.
It is also an innovative tool for thanks to its layered structure, i.e. different risk-return profiles for various classes of investors, to attract additional private resources. The new Fund reached €420 million at first closing (€50 million of which was underwritten by CD, equal to the other NPIs), with a collection target set at €500 million within the next 18 months. During the five-year investment period, the Fund will invest through equity/quasi-equity instruments in projects in line with the 2025 European connectivity targets of, with particular focus on rural and/or low-population density regions.
In general, the Fund will focus on those areas that have difficulty accessing other forms of financing and instruments present on the market or already covered by public intervention, following a complementary logic. The Fund's investment ticket will amount to a maximum of €30 million for each project, with a multiplier effect, in terms of additional resources activated, estimated at over €1 billion.
The Fund manager will be Cube Infrastructure Managers, an international fund manager with resources under management of around €1.4 billion.