The European Investment Bank (EIB), the European Union's financing institution, has advanced a number of substantial loans for an aggregate amount of ECU 254 million (DKK 1.9 billion)(1) in support of infrastructural schemes and research and development facilities in Denmark.

Part of the funds are going towards the fixed link across the Øresund, for which a loan instalment of ECU 200 million (DKK 1.5 billion) has been made available, bringing total EIB commitments for this priority project to ECU 790 million (DKK 5.9 billion).

A loan of ECU 25 million (DKK 186 million) is being provided for improvements to the road network, especially bypasses around towns throughout Denmark.

A project to modernise and expand the R&D facilities of pharmaceuticals manufacturer Novo Nordisk has attracted a second instalment of ECU 29 million (DKK 216 million), aggregate EIB financing for this investment thus reaching ECU 66.4 million (DKK 498 million).

EIB lending for projects in Denmark since the start of this year now total ECU 576 million (DKK 4.3 billion). In addition to the works already mentioned, funds have gone to extension of Copenhagen airport, interconnection of the German and Danish power grids, the Great Belt fixed link and municipal waste treatment installations in Glostrup.

Loans in support of SMEs, arranged in cooperation with Finansieringsinstituttet for Industri og Handvaerk (FIH), amount so far this year to ECU 34 million (DKK 256 million).

(1) The conversion rates used for statistical purposes during the current quarter are those obtaining on 30 September 1997, when ECU 1 = DKK 7.49, GBP 0.69, USD 1.113.