France’s OVHcloud gets 200 million euro EIB loan for European investments

The European Investment Bank has granted OVHcloud a 200 million euro ($208.18 million) loan to support the French software group’s expansion in Europe, they said in a joint statement on Friday.

The funding will support OVHcloud’s plan to ramp up international development by opening 15 new data centres, of which 10 will be located in Europe, by the end of 2024.

The loan is the first financing granted by the European Investment Bank to a pure cloud market player for a maximum amount, and is in line with the European Union’s strategy to strengthen the continent’s autonomy in new technologies, the EIB and OVHcloud said.