Luxembourg, 28/04/2004 (Agence Europe) - The European Investment Bank (EIB) is to grant a loan of SEK 1.8 billion to Investor AB for the construction of a third generation UMTS mobile communication project in Sweden and Denmark, one of the first stand-alone UMTS networks to be developed in Europe by a new entrant.
The Hi3G project is a joint venture between the Swedish industrial holding company, Investor, and Hutchison Whampoa. The two partners combine Investor's extensive knowledge of local markets and relationships with a wide range of Swedish high technology industries with Hutchison's sector experience. Hutchison has already launched 3G networks in several countries including Italy and the UK and aims to become one of the largest 3G operators worldwide.
Over the last ten years, EIB has invested some EUR 20,700 million in the telecom sector worldwide, of which EUR 17, 759 million in the EU. The Hi3G project is the first 3G project to benefit from the financial support of the EIB. The financial complies with the Lisbon Strategy, which is aimed at fostering the development of a knowledge and innovation-based European economy.