The European Commission and the European Investment Bank (EIB) have announce today their plans to launch a fund for broadband infrastructure – the Connecting Europe Broadband Fund.

This fund, which will lead to an investment platform combining private and public commitments, is announced together with three National Promotional Banks and Institutions (NPBIs) that aim to participate in the initiative as anchor investors: KfW Bankengruppe from Germany, Cassa Depositi e Prestiti from Italy and Caisse des dépôts et consignations from France.

The Connecting Europe Broadband Fund will invest in broadband network infrastructure across underserved areas of Europe.

Günther H. Oettinger, Commissioner for Digital Economy and Society, said:

"I am grateful to our financial partners for the establishment of this broadband Fund. It is an important development for smart and efficient funding of broadband projects, especially in underserved areas, in line with the spirit and the letter of the Investment Plan. It is a great step towards a European Gigabit Society for all."

EIB President Werner Hoyer, said:

“High-speed internet is fundamental to the success and development of businesses,”“Until today, smaller-scale broadband projects did not have easy access to funding and EU financial instruments did not exist. Consequently, projects in less populated or rural areas, where purely private-led initiatives may not see the economic benefits of deploying broadband networks, were difficult to implement. The new fund will help bridge this market gap, and I am glad that the EU Bank is part of this joint initiative.”