MILAN (Reuters) - Italy's Open Fiber said on Friday banks, state lender CDP and the European Investment Bank had signed off on a 3.5 billion euro project finance package to help fund the ultrafast broadband network it is rolling out across the country.
The funding, the biggest-ever project finance deal for an optic fiber network in the EMEA region, is led by UniCredit, Societe Generale (PA:SOGN) and BNP Paribas (PA:BNPP).
Open Fiber, jointly owned by CDP and utility Enel (MI:ENEI), also said its two shareholders would grant a maximum further 950 million euros.
Open Fiber is building a wholesale-only fast internet network across Italy which will rival the network of former phone monopolist Telecom Italia (MI:TLIT).
Italian politicians have called for closer ties between the two companies to avoid duplication and allow the companies to speed up investments.