German telecommunications giant Deutsche Telekom announced on Thursday its plans to invest two billion euros in Greece, to develop the country’s infrastructure and new generation networks over the next four years.
According to the announcement, Deutsche Telekom will invest until 2022 on developing an optic-fibre network and fifth-generation (5G) mobile network.
The announcement was made by the company's CEO Timotheus Hottges during his meeting with Prime Minister Alexis Tsipras and Digital Policy and Media Minister Nikos Pappas, at Maximos Mansion.
The Greek PM quickly took to twitter to hail the investment as a "vote of confidence in the Greek economy and an important step in its transformation" while noting that it will provide one million households with internet connection speeds of 1 Gigabit per second (1 Gbps).
Deutsche Telekom is the majority shareholder in Greece's formerly state-owned telecoms group, the Hellenic Telecommunications Organisation (OTE)
Last week, the German telecommunications company acquired an additional 5% in OTE, raising its stake to 45%.