Greece and Saudi Arabia agreed on Tuesday on the primary phrases to arrange a three way partnership to put a fibre optic information cable that can hyperlink Europe with Asia, Greek sources stated on Tuesday.
The “East to Med information Hall”, an undersea and land information cable, will probably be developed by MENA HUB, owned by Saudi Arabia’s STC and Greek telecoms and satellite tv for pc functions firm TTSA.
Greece’s energy utility Public Energy Firm (PPC) and Cyprus’ telecoms operator CYTA, may also maintain a stake within the mission, pending closing company approvals, a Greek diplomat stated, talking on situation of anonymity.
The ultimate closing of the deal is anticipated by July, for the mission to launch in autumn and be accomplished by the tip of 2025, the diplomat stated.
One other particular person near the deal stated the cable, which can join customers from Italy to Singapore, will price about 800 million euros (roughly Rs. 6,663 crore).
Greece’s conservative authorities has made digital transformation a precedence since taking workplace in 2019, a 12 months after Greece exited the largest monetary bailout in historical past.
A giant a part of about 30 billion euros in grants and low-cost loans allotted to Greece from European Union’s post-pandemic Restoration Fund will probably be spent on 5G and fibre optic infrastructure.
© Thomson Reuters 2022
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