ECONOMY

Greece gets 372.26 mln euros from 5G frequencies auction

greece-gets-372-26-mln-euros-from-5g-frequencies-auction

Greece has raised 372.26 million euros ($453.78 million) from granting rights for the use of different bands for the development of 5G networks, its telecoms regulator (EETT) said on Wednesday.

After six binding rounds, three telecoms operators, OTE Group, Vodafone and Wind Hellas secured different blocks in the 700 MHz, 2 GHz, 3,400-3,800 MHz and 26 GHz band, EETT said in a statement.

Both OTE and Wind have teamed up with Ericsson to secure the necessary technology for the 5G networks.

Greece will use the proceeds from the auction to help cut its debt, the euro zone’s highest as a percentage of gross domestic product, and offer funds to startups that will develop 5G products and services. [Reuters]