Now The EU Plans To Invest €50 Billion In Modernizing Infrastructure

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The EU is hoping to create hundreds of thousands of jobs over the coming years by launching a project to modernize digital, energy and transportation networks, reports the Guardian.A total of €50 billion ($68.8 billion) may end up being invested in the project. The majority of the funds would go towards improving transport networks, with broadband infrastructure and new energy grids also being invested in.

The European Commission says that the project will be funded by bonds backed by the European Investment Bank. It has also been reported that the money will come from a new fund called the Connecting Europe Facility.

The Wall Street Journal reports that €9 billion ($12.4 billion) will be invested in broadband, with private companies encouraged to invest another €50 billion ($68.8 billion) on top of that.

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