CORPORATE NEWS

EIB extends loan to reconstruct coal plant

The European Investment Bank (EIB) will kick in one-half of the projected costs to reconstruct the coal-fired power plant Vojany I in east Slovakia, one of the top projects next year for the state-run Slovenské Elektrárne (Slovak Power Plants - SE), SE officials announced.

The project will help reduce air pollutants being produced by fossil fuel combustion to an acceptable level mandated by Slovak legislation that takes effect in 1999. The project's total costs are projected to be 267.7 million ECU (9.37 billion Sk), of which the EIB will provide a 130 million ECU loan without a state guarantee.

The first phase of reconstruction is scheduled to begin by the end of the year 2000, with the second and final stages slated for the end of 2002. The Austrian Energy & Environment agency will provide technical equipment.

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