Phaistos Fund to play invigorating role in the aftermath of the Covid-19 crisis, European Commission notes

The European Commission has noted in its report for Greece -a part of the Digital Economy and Societ Index 2021 publication- the role of Phaistos Investment Fund for the post-pandemic recovery of the Greek economy. “The establishment (with the Law 4727/2020) of an innovative national funding scheme for 5G in Greece (Phaistos Fund), is expected to play an invigorating role in the aftermath of the COVID-19 crisis. It should support SMEs active in industry 4.0 and in the creation of a market of 5G products in Greece in different sectors,” the European Commission noted.

Moreover, the report also acknowledges the huge progress Greece made in tackling long-standing obstacles to investment in networks and the successful auction of 5G licences in December 2020. As a result, Greece is among the top European countries in 5G readiness, as the updated June 2021 report noted.

Moreover and in the section highlighting main market developments, the report states that “5G Ventures S.A, an independent fund management company established by the Hellenic Corporation of Assets and Participations S.A (HCAP) and Vantage Towers Greece announced the signing of a memorandum of cooperation to support companies, which are funded by the Phaistos Fund, to develop products and services that take advantage of the capabilities of 5G networks by giving them access to the passive infrastructure owned by Vantage Towers in Greece”.

Read more: DESI 2021 – Country report for Greece