The European Investment Bank (EIB) and Latvijas Mobilais Telefons SIA (LMT) have signed an agreement to finance the deployment of the 5G generation in Latvia. The €50 million loan will enable a total investment of €101 million in the country’s telecommunications infrastructure.
The task will help deliver complex 5G installations across the country, offering more users greater and more secure access to ultra-fast broadband installations. It will contribute to the expansion and technological upgrade of LMT’s cellular network towards the creation of a Very High Capacity Network (VHCN) across Latvia. , in both urban and rural areas.
As a component of this allocation, LMT will deploy 150 5G sites in urban spaces and 690 5G sites across the country. The investment will also upgrade the company’s core network to 5G autonomous technology, as well as investments in service platforms and business and operational operations. It will also be used to expand the access network, decommission the 3G network, and ensure a smooth transition to 5G. The project will prioritize investments in the implementation and advancement of cybersecurity to ensure a physically powerful and secure 5G infrastructure.
“We are very pleased to sign this agreement with LMT and its cellular infrastructure to supply complex 5G installations in Latvia,” said Thomas Östros, EIB Vice-President responsible for the bank’s operations in the country. “This infrastructure is very important for the virtual transition and to enhance users’ access to virtual facilities in urban and rural spaces. Östros added that the allocation aligns with the European Union’s Digital Compass purpose of achieving access to 5G infrastructure in all populated spaces by 2030, and promotes investments in telecommunications infrastructure in regions with team spirit.
“The EIB’s confidence in the LMT as a strong and secure cooperation partner in such a gigantic and vital mission will allow us to maintain our position as a leader in the advancement and innovation of 5G in Latvia,” said LMT President Juris Binde. “We will be able to initiate a new level of infrastructure progression by offering the public administration, the advertising sector and individual users a secure, fast and high-quality transmission of knowledge services, and selling all the enormous opportunities that 5G now offers. “