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Author Topic: Italy's Open Fiber enlists banks for $8 billion broadband rollout  (Read 331 times)

Bowdon

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https://uk.reuters.com/article/us-openfiber-plan-funding/italys-open-fiber-enlists-banks-for-8-billion-broadband-rollout-idUKKBN1HK29X?il=0

Quote
MILAN (Reuters) - Italyís Open Fiber has enlisted banks to help fund the 6.5 billion euro ($8 billion) rollout of its fast broadband network, it said on Friday, confirming an earlier Reuters report.

Rome has long pushed for an all-fiber optic network to help Italian business and boost productivity. Open Fiber said its network would cover 271 Italian cities and around 7,000 municipalities in the country.

Open Fiber said it had signed the 7-year 3.5 billion euro project finance deal with BNP Paribas (BNPP.PA), Societe Generale SOCG.PA and UniCredit (CRDI.MI) and expects it to be finalised in the next few months.

The firm, which is jointly owned by state-controlled utility Enel (ENEI.MI) and state lender Cassa Depositi e Prestiti, said in its new 2018-2027 plan it was looking to take its fiber-optic network into about 19 million homes and businesses.

It would be good if something like this could happen here!

The last I heard is that banks and businesses did want to invest (this was in relation to a Openreach story). But I haven't heard anything since.
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kitz

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Re: Italy's Open Fiber enlists banks for $8 billion broadband rollout
« Reply #1 on: April 16, 2018, 06:22:06 PM »

They way I read it the banks weren't investing per se, they were financing.

Quote
7-year 3.5 billion euro project finance deal

Must admit I've never heard of a broadband network being bought on HP, as it could be harder to inventorise the assets, but why not if there is no starting collateral to use as security for a loan.  There's been weirder things bought on tick.    Business lending would usually be the cheapest way to finance something like this if you have a proven track record.   I'm certain the banks will no doubt cover their own backsides though.
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