June 30, 2016 / 11:27 AM / a year ago

EU regulators clear $4.5 billion Italian broadband plan

BRUSSELS - Italy gained EU regulatory approval on Thursday for its 4 billion euro ($4.5 billion) plan to bring fast-speed Internet access to areas where it currently not available.

The Italian National Ultra-Broadband Scheme, which will run until the end of 2022, complies with the bloc’s state aid rules, the European Commission said in a statement.

The EU executive is seeking to boost online cross-border trade and economic growth and has come up with several measures to support this goal.

Reporting by Foo Yun Chee; editing by Philip Blenkinsop

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