Epic secures €20m financing from European Investment Bank for 5G nationwide rollout

Telecoms company Epic has received €20 million in financing from the European Investment Bank to expand its 5G mobile network in Malta.

The loan will enable Epic to reach nationwide 5G coverage by 2024 and extend its pilot project to deploy a high-capacity fibre network in selected localities.

The financing agreement was signed in Malta today in the presence of Economy Minister Silvio Schembri.

Epic Malta CEO Tamas Banyai said this was an important moment not just for Epic but for everyone in Malta. “We are building the strongest network with next generation connectivity. Our vision is aligned with EIB and the Government of Malta in bringing digital access to every person, home and organisation for a fully connected world.”

Epic, a subsidiary of Monaco Telecom, started operating two-and-a-half years ago when the Monegasque company bought Vodafone Malta. 

Gelsomina Vigliotti, EIB Vice-President, said: “The telecom sector requires significant investments to foster the digital acceleration. Thanks to the EIB support, Epic Communications Limited will expand both the 5G network to reach 99% coverage in the country and the Fibre-to-the-Home connections to cover one-fourth of the households in Malta.”

The Economy Minister welcomed Epic’s decision to modernise its mobile network, insisting this was important for Malta’s service-based economy.

Silvio Schembri called the investment “a milestone” and emphasised its significance as testimony to Epic’s trust in Malta.

“It will enhance the country’s value proposition to investors since investment in the digital infrastructure is vital for the economy to continue growing,” Schembri said.