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€40mln grant provided from EU’s Neighbourhood Investment Platform; support Europe’s Global Gateway strategy The European Investment Bank (EIB) signed on Wednesday a 40 million euros investment grant for the €342 million ‘MEDUSA Submarine Cable Project’ connecting Europe and North Africa. The EIB signed the grant agreement with GÉANT, the coordinator of the European National Research and Education Network and AFR-IX, the company executing the infrastructure project to bolster digital connectivity between North Africa and the European Union (EU). This follows the signing of the Contribution Agreement between the European Commission and the EIB to provide €40 million from the Neighbourhood Investment Platform to MEDUSA. EIB statement said these agreements support Europe’s Global Gateway strategy to boost digitalisation, while enhancing prosperity and security within and beyond Europe. The fibre optic cable will provide high quality connectivity capacity, via submarine cable and direct terrestrial links to universities and education and research centres in North Africa Countries. Furthermore, “MEDUSA” will foster ties with EU peer organisations and enhance scientific knowledge exchange, hence boosting innovation, research and job creation in the region. President of the EIB, Werner Hoyer said the project, by improving digital access, aims to foster economic growth, innovation, and collaboration across borders. European Commissioner Olivér Várhelyi said MEDUSA will enhance links between about 500 Universities, institutes of education, research centres, and about 4.5 million students. The MEDUSA project, developed by AFR-IX telecom and manufactured by Alcatel Submarine Networks (ASN), will be the Mediterraneans most extensive submarine cable initiative to date. Stretching over 7,100 km, this high-capacity optical-fibre submarine cable will connect both shores of the Mediterranean Sea. The project is expected to be operational between 2025 and early 2026, with a design life of 25 years. |
