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The European Commission is expected to propose an investment €9.2bn (£8bn) for high-speed broadband across Europe.
As part of the proposals, the European Commission (EC) will outline targets to improve broadband speeds and prioritise rural areas, reported the BBC.
The investment would also create hundreds of thousands of jobs. A source told the BBC: "Europe needs these fast broadband networks to allow its economy to become more competitive in the future, and so create more jobs and prosperity.
"This money would stimulate much greater investment of private and other public money. Each €1 invested would give rise to a further €6 to €15 more," the source added.
Other reports suggest €7bn will be invested between 2014 and 2020 on high-speed broadband networks with the aim of getting all European households to 30Mbps in nine years' time.
The proposals are expected to be announced on Wednesday 19th October.
Some UK regions have already benefited from EC funding. The European Regional Development Fund enabled eight communities in Cornwall to receive superfast broadband services last year as part of a £132m EU-backed project to bring high-speed fibre links to the region.
In August 2011, the UK government announced £363m in investment to improve broadband speeds in homes and businesses in England and Scotland.