Greece’s largest operator Cosmote secured a €300 million financing package to develop networks across the country, as part of broader commitment to invest €1.5 billion by 2020.

In a statement, OTE, Cosmote’s parent company, said it signed a €150 million bilateral term loan with the European Investment Bank (EIB) and raised an addition €150 million following an agreement with the European Bank for Reconstruction and Development (EBRD).

The funds will be used to provide “additional liquidity” for Cosmote’s mobile broadband coverage, as well as “capacity expansion investments in Greece”.

Michael Tsamaz, chairman and CEO of OTE, said the company is “far and away” the largest investor in telecoms in Greece, having invested €2 billion in the past six years and committed to another €1.5 billion by 2020.

The investments are part of the company’s ambitions to establish optical fibre and 4G/4G+ networks.

Tsamaz insisted “next-generation networks are not a luxury”, but were now vital for Greece’s future.

“We need to address the digital needs of customers and businesses in an environmentally friendly way to ensure our sustainability,” he said.

“Our cooperation with EIB and EBRD will enable us to deliver our strategy and build the networks of the future, a prerequisite for the country’s growth.”