OVH Group: European Investment Bank Loans OVHcloud €200m

Nov 25, 2022 | Posted by Abdul-Rahman Oladimeji

OVHcloud has secured a €200 million ($208m) loan from the European Investment Bank (EIB). The loan will be used to fund future developments. OVHcloud's goal is to provide a sustainable cloud service alternative in Europe to replace US cloud providers. It aims to support European privacy standards. 

OVGcloud secured the loan as it is on a global expansion mission. The company is also working to replace its Strasbourg facility that burnt down in 2021. The mission of the EIB is to support infrastructure and environmental projects. It also played a major role during the 2008 financial crash and the Covid-19 pandemic. It issued up to i€95 billion in loans in 2021.

The CEO of OVHcloud, Michel Paulin, said: "This additional financial capacity provided by the EIB contributes to our Group's strategic roadmap and will enable us to promote a cloud that respects our European values faster, higher, and stronger."

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