EIB, LMT sign agreement to finance rollout of 5G technology in Latvia

The project will help deliver advanced 5G services nationwide, giving more users better, secure access to ultrafast broadband services.

The European Investment Bank (EIB) and Latvijas Mobilais Telefons SIA (LMT) have signed an agreement to finance the rollout of 5G technology in Latvia. The loan of €50 million will enable a total investment of €101 million in telecoms infrastructure in the country.

The project will help deliver advanced 5G services nationwide, giving more users better, secure access to ultrafast broadband services. It will support the expansion and technological upgrade of LMT’s mobile network towards creating a Very High Capacity Network (VHCN) across Latvia, in urban and rural areas alike.

As part of the project, LMT will roll out 150 5G sites in urban areas and 690 5G sites across the country. The financing will also support the upgrade of the company’s core network to 5G standalone technology, as well as investments in service platforms, business and operations support systems. It will also be used to expand the access network, decommission the 3G network and ensure a seamless transition to 5G. The project will prioritise investments in cybersecurity implementation and development to ensure a robust and secure 5G infrastructure.

“We are thrilled to sign this agreement with LMT and support their mobile infrastructure in providing advanced 5G services in Latvia,” said EIB Vice-President Thomas Östros, responsible for the Bank’s operations in the country. “This infrastructure is crucial for the digital transition and accelerating access to digital services for users in both urban and rural areas.” Östros added that the project aligns with the European Union’s Digital Compass target of achieving 5G infrastructure access in all populated areas by 2030, and promotes investment in telecoms infrastructure in cohesion regions.

“The trust shown by the EIB in LMT as a stable and secure cooperation partner in such a large and important project will enable us to maintain our position as the 5G development and innovation leader in Latvia,” said LMT President Dr Juris Binde. “We are honoured that we can begin a new stage of infrastructure development by providing public administration, the commercial sector and individual users with secure, fast and quality data services transmission, and by promoting all the extensive opportunities that 5G now provides.”