Open Fiber signs $4 bn funding for broadband network in Italy

Open Fiber said banks, state lender CDP and the European Investment Bank have signed a 3.5 billion euro or $4.05 billion project finance package to fund the rolling out of broadband network in Italy, Reuters reported.
Corning fiber
The funding, the biggest-ever project finance deal for an optic fiber network in the EMEA region, is led by UniCredit, Societe Generale and BNP Paribas.

Open Fiber, jointly owned by CDP and utility Enel, 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.