October 1 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday it is providing a 20 million euro ($25.2 million) loan to Bulgaria's Bulsatcom for the further roll-out of its LTE/4G mobile broadband network and the expansion of its fibre-optic broadband network.
The EBRD said in a statement the funding will allow the broadband and TV provider to invest in cutting edge technology which will offer its customers wider and faster broadband services, especially in rural areas.
Bulgaria has the third lowest broadband penetration rate in the EU at 34% and in the regions outside the main cities the penetration is even lower.
Since the start of its operations in Bulgaria in 1993, the EBRD has invested 2.9 billion euro in 227 projects.
($=0.7934 euro)