Regulation of 5G Networks and the creation of “ Festos Fund”

It is a matter of days (if not hours) for the Bill on 5G networks to be introduced to the Greek Parliament by the Minister of Digital Governance.

The Bill will be titled “Digital Governance Code” and an essential part of it will be the introduction of the “Festos Fund”, the exclusive field of activity of which will be investment in companies operating in 5G infrastructure in Greece and which are active in R&D of related products and services. 

Festos Fund

The “Festos Fund” will facilitate invest in areas such as transport and logistics, utilities and utility networks, health, tourism, information and mass media.

The Ministry of Digital Governance believes that Festos Fund will function as an incentive for telecommunication companies to invest in creation of 5G networks which will significantly contribute to the modernization of business and will radically change everyday life by providing connectivity almost everywhere by fast transfer of data and real time processing of information.

The Festos Fund will be raised by 25% of the capital that the Greek State is going to receive from the tender for the concession of   for the operation of 5G networks.

Call for Tenders is expected to be issued soon;the starting price is to be around 370 million euro.

The Festos Fund will belong to the Greek Ηoldings and Property Company (EESYP), while private individuals and institutional investors will be allowed to contribute.

According to various sources of information, it is possible that the Greek Government will also decide to use EU grants for the development of 5G networks.

Personal Number

The abovementioned Bill also provides for the abolition of facsimile as a means of sending and receiving documents to and from Public Authorities. A new personal number is to be allocated to every individual for the purposes of transaction identification with Public Authorities.

The personal number will consist of nine digits and will be awarded to every individual once for their lifetime. It seizes to exist when the individual dies or is declared missing by a final court decision.

The Independent Body for Public Income (AADE) will be the body responsible for the issuance of personal numbers to every physical person entitled to a Tax Identification or Social Security Number.

Prepared by the team at Ioannis Vassardanis & Partners.