The European Investment Bank (EIB) has just unlocked €100 million to co-finance the trans-Mediterranean digital connectivity megaproject “Medusa”.
This strategic project, supported by the European Union, will directly connect nine countries in North and southern Africa, including Morocco, through the longest submarine cable system in the Mediterranean Sea, for sustainable and inclusive economic development.
The system will be operational at the end of 2024 for the European part and in the first half of 2025 for the eastern Mediterranean region.
Back in November this year, the European Commission signed an agreement with the EIB for a €40 million EU grant to support the high-speed fibre-optic connection under the Mediterranean, supported by the EU’s Economic and Investment plan for the Southern Neighbourhood.
The EIB was expected to provide the debt finance for the infrastructure with a contribution of up to €100 million in loans.
The operation was still subject to the final approval of the EIB Governing Bodies, which was approved this week.
This funding will also provide an alternative route for data traffic on the targeted EU routes and allow EU telecom operators to become essential partners in supporting socio-economic growth in the region.
The “Medusa” project consists of installing a state-of-the-art high-capacity fiber submarine cable to connect five European Mediterranean countries (Cyprus, Spain, France, France, Italy and Portugal) to four countries in the EU’s southern vicinity (Morocco, Algeria, Tunisia and Egypt).
Thanks to this cable, Medusa will provide access to a telecommunications infrastructure essential for the development of the digital ecosystem of the populations of the countries concerned.
This strategic route will improve connectivity between the EU and North African partners.
The region will benefit from new generation access networks and socio-economic advantages, in favor of greater integration into the region.
The cable will have segments that will offer up to 24 pairs of fibers, and a capacity of 20 terabits per second (Tbps) per pair of fibers.
According to the EIB, this project will stimulate innovation and research and support education and entrepreneurship in the region.
Indeed, some 500 universities, teaching institutes and research centers and about 4.5 million students will benefit from better connectivity.
The project will also provide another avenue for data traffic and allow telecommunications operators to become key partners in supporting the socio-economic growth of the region.
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