Rural broadband rollout secures additional bank backing
Summary
The Scottish National Investment Bank has invested a further \xa320m to help connect 100,000 rural homes to ultrafast fibre broadband.Lothian Broadband Networks (LBN) will use the additional funding to complete this phase of expansion by the end of 2024.The bank originally provided cornerstone funding of \xa320m to LBN in 2021.Gavin Rodgers, chief executive of LBN said: This new funding takes our overall investment capacity for the year ahead up to \xa350m.This further support from the bank highlights our effectiveness at working with our partners in government and local communities to transform connectivity in rural Scotland.The funding support should help develop a rural digital economy by increasing connectivity in areas of Scotland that would be unlikely to get access to a gigabit capable network.LBN is currently building full-fibre XGS-PON networks throughout the Highlands, East Lothian and Fife.So far, more than 10,000 premises throughout rural Scotland have access to the broadband connection.The technology being installed has the capability to support up to 10Gb connectivity, currently the fastest and most reliable network being built anywhere in the UK.Residents in these areas can purchase competitively priced packages with speeds of up to 2Gbps through LBNs retail brands Lothian Broadband and Highland Broadband.Nicola Douglas, executive director at the bank, said: Ultrafast broadband has a transforming impact, boosting economic growth, reducing inequalities, and helping education.Our investment in LBN is already making a difference for both rural businesses and homes and by supporting this state-of-the-art fibre roll out we are future proofing the network.The banks investment also supports the UK and Scottish government commitments to high-speed broadband access.The UK Government has a target of at least 85% of the population having access to gigabit (1,000 Mbps) broadband by 2025 under its National Infrastructure Strategy.Dont miss the latest headlines with our twice-daily newsletter - sign up here for free.