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US$ 38.8 million loan agreement signed by Republic of Belarus and European Bank
A US$ 38.8 million (ECU 30.4 million equivalent) loan agreement for telecommunications facilities in Belarus was signed today by Mr Ivan Gritsuk, Belarus Minister of Posts, Telecommunications and Informatics and Mario Sarcinelli, Vice President of the European Bank for Reconstruction and Development in charge of Development Banking.
The loan, which was approved by the Board of Directors of the European Bank earlier this week, will help finance the construction of a digital overlay network for business subscribers in Belarus providing direct access to the international telecommunications network. In addition, the loan proceeds will help finance a new trunk exchange in Vitebsk, providing an enhanced level of service for subscribers in that region.
"This project will improve the quality and accessibility of telecommunications services and facilitate the emergence of a strong business community in Belarus. It is the first loan of the European Bank and of all international institutions to Belarus", Mr Sarcinelli said.
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