The European Commission and the European Investment Bank (EIB) on Tuesday announced plans to launch a fund for broadband infrastructure.

The Connecting Europe Broadband Fund aims to invest in broadband network infrastructure across underserved areas of Europe and is expected to take place mid-2017.

It will lead to an investment platform which brings private and public commitments together, the Commission said in a statement.

The Connecting Europe Broadband Fund aims to initially raise at least 500 million euros(531.91 million U.S. dollars) through commitments from private and public investors, including the EIB and the European Commission.

The European Commission will invest 100 million euros into the Fund from the Connecting Europe Facility.

The Fund plans to invest in 20 countries by 2021 and should be the first investment platform to support broadband infrastructure under the European Fund for Strategic Investment, the heart of the Investment Plan for Europe. Enditem

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