The European Bank for Reconstruction and Development (EBRD) is providing funds to Turkey for investing into a new high-tech fibre-optic submarine communications cable system that will carry data between 17 countries, from Singapore to France and Italy, EBRD reported August 21.

The Bank is providing a $50 million loan to Türk Telekom Group, Turkey’s largest telecommunications company, which is building the new submarine cable system in a consortium with 17 other telecommunications operators, according to the report.