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European Bank approves ECU 32 million for Bulgarian telecommunications project
The Board of Directors of the European Bank for Reconstruction and Development yesterday approved an ECU 32 million loan to Bulgarian Posts and Telecommunications Ltd, the national telecommunications operator of Bulgaria.
Mario Sarcinelli, Vice President in charge of Development Banking, said: "The principal objective of the project is to provide modern telecommunications facilities for businesses which are critical to the recovery of Bulgaria's economy." By removing high volume business users from the existing network, other users will benefit also from decongestion of the system.
The project includes the installation of nearly 100,000 line units of switching capacity in large cities around the country, a transit network interlinking them, and new earth station and international gateway facilities.
The total cost of the project is estimated at ECU 187 million: ECU 32 million from the European Bank; ECU 70 million from the European Investment Bank; ECU 15 million from the World Bank; ECU 68 million from the Bulgarian Posts and Telecommunications Ltd; and ECU 2 million from other sources.
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