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The European Investment Bank (EIB) has awarded OVHcloud a loan of €200 million to boost the French cloud provider’s development across Europe.

The money will help OVHcloud expand internationally by establishing fifteen additional datacenters by the end of 2024. Ten of the datacenters will be located in Europe. The loan is part of the European plan to promote the continent’s sovereignty in emerging technologies, the EIB and OVHcloud said.

The cloud and Europe

According to a recent research report commissioned by Amazon Web Services, the digital decade could generate economic value equivalent to 21 percent of the EU’s present economy, with a sustained emphasis on digital transformation throughout the public and commercial sectors.

The researchers said that companies and government agencies must harness the speed, scalability, and efficiency of current digital platforms, particularly by using the capacity of cloud computing.

At least 75 percent of enterprises are expected to use AI, cloud and big data technology by 2030. Researchers estimate that more than half (55 percent) of the potential of the digital decade depends on increasing cloud adoption and use.

Critical for next-gen tech

Cloud computing allows for rapid innovation, improved security, cost reductions and the capacity to quickly construct applications using machine learning, IoT, and next-generation databases. Increasing cloud use is critical for Europe’s next generation of inventions.

OVHcloud is one of the largest cloud providers based in the European Union. The loan will help the organization expand.

Tip: The Icemen and the datacenters