The first phase of the project will see mobile operators O2, Three and Vodafone collaborate to build and share 222 new mobile masts to help resolve partial not-spots.
The construction phase will begin this year, but it will take until 2024 before the project is complete.
The article states that once the first phase has been completed, rural businesses situated near the new mobile mast sites could benefit from an annual increase in turnover of £187.7 million, allowing these rural communities to contribute an extra £58.9 million to the UK economy each year.
42 per cent of the projected increase in turnover will benefit those in the struggling hospitality sector, covering rural distribution, hotels and catering businesses, which are in line for a £78.8 million boost to revenues.
The other sectors that account for the largest shares of the increase in turnover are expected to be transport and communications (17 per cent of the predicted revenue increase) and professional, financial, property and business services (10 per cent of the increase).
Sign up to our newsletter to receive all the latest news and updates.