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US$ 15 million European Bank project to link central and eastern European countries to Eurovision network
The Board of Directors of the European Bank for Reconstruction and Development today decided to lend a first tranche of US $12 million out of a total of US $15 million (ECU 11.5 million equivalent) to help finance the design, supply and installation of earth stations in 15 Central and Eastern European countries, including some countries of the former Soviet Union, thus enabling them to be linked to the Eurovision Network via satellite.
Mario Sarcinelli, Vice-President of the European Bank in charge of Development Banking, said: "This project will greatly improve the efficiency, accessibility and quality of television broadcasting and ensure a thorough coverage of news and current affairs, cultural and sports events in these countries. It will also enhance local employment opportunities arising from the development of a broadcasting and advertising industry. The European Continent will be more united through this project, thus fostering both democratic and market economic values."
The initial borrowers of the loan will be the national broadcasting organisations of Albania, Belarus, Bulgaria, CSFR, Estonia, Hungary, Latvia, Lithuania, Moldova, Poland, Romania and Russia. Specific decisions on three others will be made once their membership procedures are finalised. Each will borrow US $1 million for the partial financing of one transmit and receive earth station. The loans will be guaranteed by the European Broadcasting Union, the largest professional association of broadcasters in the world, of which the borrowers will be members.
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