Anchor investors for EIB's broadband plan

Three national promotional banks have signed up to become anchor investors in the European Investment Bank’s (EIB) new broadband investment fund.

Germany’s KfW, , Cassa Depositi e Prestiti from Italy and Caisse des dépôts et consignations from France have all agreed to be anchor investors in the initiative, which will create an investment platform combining private and public commitments for investment in broadband infrastructure.

Announced in June this year, the Connecting Europe Broadband Fund will invest in broadband network infrastructure across underserved areas of Europe.

It is expected to raise at least €500m at first closing, with commitments from private and public investors, including €100m from the European Commission.

The fund will be the first investment platform to support broadband infrastructure under the European Fund for Strategic Investment (EFSI).

Cube Infrastructure Managers is the preferred bidder to manage the fund and the EIB expects to formally appoint it as fund manager early next year.