More than 2.0 bln euros to be spent on transition to fibre optic network, Pappas says

More than two billion euros will be invested in the transition to a fibre optic communications network that will allow faster internet connection speeds throughout Greece, Digital Policy, Telecommunications and Media Minister Nikos Pappas said on Tuesday, in an interview with ‘Sto Kokkino’ radio station.

“The large-scale investments expected over the coming period have to do with an upgrading of the telecommunications network, the transition to a fibre-optic network for all of Greece. We are talking about technologies that increase internet connection speeds by several orders of magnitude,” Pappas said, and explained: “Effectively, it will change the way we enjoy entertainment, audiovisual material, telecommunication … growth will accelerate … because services can be built on high-speed telecoms.”

“We will gradually realise how important it is to our economy. Connection speeds are one of the things that international investors look at very seriously,” the minister noted, stressing: “We are a country with amazing natural beauty and high technology companies employing easily movable, young people. If they have a high-speed connection they can work from anywhere in the country and have the same efficiency as if they were a few meters from Syntagma Square.”

The investment will use 500 million euros from public coffers, while the total investment will “exceed two billion euros,” Pappas said.