Deutsche Telekom announcing decision to invest EUR3m in Phaistos Investment Fund

Deutsche Telekom has given a confidence vote to the efforts of Greece for the development of the next generation of digital services and products and announced its decision to invest EUR3m in Phaistos Investment Fund.

The announcement was made during a meeting of Greek Prime Minister Kyriakos Mitsotakis with Deutsche Telekom and OTE Group top management executives. This is the first investment of Deutsche Telekom in Greece related to the development of a new generation of digital applications and services that will utilise the advantages of 5G infrastructure.

It is also the first time that private funds from abroad join Greek public resources in an investment fund such as Phaistos. It is noted that the development comes a few weeks after the publication of the European Commission’s report for Greece (as part of the annual DESI report), where it stressed that Phaistos can play an invigorating role in the recovery of the Greek economy in the post-pandemic era.