The European Investment Bank (EIB) will provide a €70m loan to Telekom Srbija for the introduction of a 5G network and the expansion of the existing 4G network throughout Serbia.
According to an announcement from Telekom Srbija, the EIB loan will enable 60% of Serbian citizens to get access to the most modern 5G network and to expand the 4G network so it is accessible to almost all citizens.
New and improved 5G and 4G networks will enable domestic companies to offer advanced digital services, increase their competitiveness and productivity, and accelerate private sector development.
Since 2020, the EIB has invested €195m in three projects in Serbia that support digital transformation as one of the common priorities of the EU and Serbia. This includes an investment of €125m in the digitalisation of Serbian schools and small and medium enterprises. The bank is a leading financier of digitisation projects in the European Union and partner countries around the world.
"Our investment in the expansion of 5G and 4G mobile networks in Serbia represents a great contribution of Team Europe to the faster digital transformation of the Serbian economy," said Lilyana Pavlova, EIB vice president.
"Thanks to the partnership with the EIB, Telekom Srbija will provide faster and easier Internet access to residents of both urban and rural parts of our country and thus provide conditions for accelerating the digital transformation of society as a whole," said Vladimir Lucic, CEO of Telekom Srbija.