Proximus has announced it will be the recipient of a €400 million loan from the European Investment Bank for the roll-out and upgrading of its fixed broadband infrastructure in Belgium.

The money will be used as part of the Fiber for Belgium project, with the telco committing to bringing fibre to 85% of businesses and to the centres of cities and communes in Belgium. Over the next 10 years, the project will aim to invest $3 billion to future-proof the network.

“We are pleased to support Proximus in this unprecedented investment to roll-out their fiber-optic network across Belgium,” said EIB Director General Jean-Christophe Laloux. “This investment will significantly enhance access by both residential and business users to ultra-high speed broadband. This is key today – for citizens and companies alike – to reap the benefits of the digital single market.”

“Through the EIB loan, we have gained a cost-effective long-term, reliable financing partner for one of our most important strategic projects,” said Proximus CFO Sandrine Dufour.

Progress for the telco has seemingly been pretty positive so far, as 6,000 enterprises were already connected to fibre, while the telco has short-term implementation plans for 24 cities and communes. The last mile seems to be the big problem here however, as Proximus claims to have hooked up 94% of properties with fibre-to-the-curb. Unfortunately for those who want the full-fibre diet, Proximus has been making vectoring noises though this loan might change the tune.

Looking at the financials of the business, there have been some mixed signals. Over the last twelve months, total revenues declined 1.6% to €5.78 billion though domestic revenue grew by 1.1%. The business claims to have completed its 4G rollout, now providing an outdoor coverage of 99.8% and an indoor coverage of 98.1%. Smartphone penetration on Proximus’ network increased to 73%, with a 4G penetration of 63% at the end of the year. In total, there are just over 6 million mobile subscriptions.

On the content side, football is the big focus here. During the year, Proximus renewed the Belgian professional football broadcasting rights on a non-exclusive basis and announced the extension of its exclusive coverage of the UEFA Champions League to the next three seasons. The team also announced plans last month to launch Stingray Hits, a new music video channel focusing on local and international artists. The TV business currently has 1.56 million customers, a net gain of 71,000 subscriptions across the year.

As far as telcos go, Proximus seems to be in a relatively solid position with a good subscriber base and a solid content business. The loan from the European Investment Bank to complete the fibre rollout could be the last piece of the puzzle needed.