Telekom Serbia received a 70 million euros loan from the European Investment Bank (EIB) to introduce a 5G telecommunications network and expand the existing 4G network in Serbia.
The EIB loan, as stated, will enable 60 percent of Serbian citizens to get access to the most modern 5G network and to expand the benefits of the 4G network so that they are accessible to almost all citizens.
“The EU Bank loan will improve the quality of the country’s digital infrastructure, extend the benefits of high-speed internet to mobile and fixed wireless users living in rural areas,” the statement said.
It adds that 4G and 5G networks will enable domestic companies to offer advanced digital services and increase competitiveness and productivity.
Since 2020, the EIB has invested 195 million euros in three projects in Serbia, which support digital transformation as one of the common priorities of the EU and Serbia.
That includes an investment of 125 million euros in the digitalization of Serbian schools and small and medium enterprises.
The EIB is the leading financier of digitization projects in the EU and partner countries around the world.
The Vice President of the EIB, in charge of doing business in Serbia, Ljiljana Pavlova, said that this investment in 5G and 4G mobile networks in Serbia represents a great contribution of Team Europe towards faster digital transformation of the Serbian economy.
“It is an investment in a better quality of life, greater competitiveness and new business opportunities for domestic companies. Rapid and efficient digital transition and investment in information and communication technologies (ICT) and supporting infrastructure encourage innovation and contribute to a green, sustainable, circular and climate-stable Serbia. These are the supporting pillars of the modern economy,” Pavlova said.
The General Manager of Telekom Serbia, Vladimir Lucic, said that the agreement with the EIB will contribute to accelerating the digital transformation of all sectors in the country, which is “of key importance for further progress and development of our economy,” BizLife reports.
