3 Jul 2020
EUR 60 million
Financial institutions and SMEs
|Date of agreement:||26 Feb 2008|
|Customer:||Tele Greenland A/S|
|Amount in EUR:||EUR 20 million|
|NACE sector / loan type:||Post and telecommunications|
|Business area:||Infrastructure, transportation and telecom|
The 10-year-maturity loan totalling EUR 20 million has been granted to Tele Greenland A/S for establishing a 4,500-kilometre two-leg marine fibre optic cable connecting Greenland with Iceland and Canada. The cable will safeguard the necessary telecommunications capacity between Greenland and the rest of the world for the next 25 years. The cable will be operational as from the beginning of 2009.
The cable is necessary for enhancing the global competitiveness of Greenland's trade and industry as the availability of modern telecom products depends on the existence of the cable. Tele Greenland is a limited liability company established in 1994, wholly owned by the Greenland Home Rule government.
Tele Greenland's project is estimated to be neutral in respect to environmental impacts. The environmental impact of laying the cable on the sea bed is estimated to be limited, and smaller than, for example, the impact of bottom trawling. The route has been carefully planned and surveyed in order to find the most suitable route and avoid potentially fragile areas. The project is in accordance with NIB's environmental requirements as long as it receives the necessary permits from the different countries' authorities.