: European Investment Bank loans TIM €350 million for fiber and data center expansion

The European Investment Bank will be providing TIM with €350 million ($428 million) in loans. The loan will finance the expansion and modernization of its fiber and data centers in Italy and Greece. Moreover, the loans will be split into two parts. The first loan will be €230 million ($281.1 million) and will cover 2021-2023. This would be used in financing fiber networks and the construction of new data centers.

The second loan will be €120 million ($147 million) in 2021, and TIM would use it to develop 5G mobile phone infrastructure. According to documents from EIB, TIM will build some modern data centers in Milan and Turin and one in Greece. TIM also said it would expand or improve its existing facilities and decommission many outdated facilities.