In pursuance of its remit to support European enterprises and help protect the environment, the European Investment Bank (EIB) is making a loan of ATS 1 billion (around ECU 72 million) (1) to the VOEST-ALPINE STAHL Group, Linz. This will finance modernisation schemes in Linz and Kindberg (Styria) designed to secure the group's quality leadership in various segments and help it to comply with new environmental standards.
Speaking on the occasion of the signature ceremony, EIB Vice-President Claes de Neergaard underscored the Bank's important role in furthering the modernisation and competitiveness of European industry. "This loan will help Voest-Alpine Stahl to maintain and improve its quality leadership in the European and world steel industry in a highly competitive market environment. The EIB's readiness to provide effective support for major industrial investment in Austria is targeted primarily at EU assisted areas, but even outside these regions, as here in Linz, EIB loans are available for industrial projects."
Including the loan signed today, the EIB has made a total of ATS 7.6 billion (ECU 555 million) available in Austria this year. The EIB's previous loans served primarily to finance priority projects in the industrial, gas, environmental protection, sewerage, power generation and telecommunications sectors. In addition, the EIB promotes the development of small and medium-sized enterprises and implementation of smaller-scale infrastructure schemes by extending "global loans" (lines of credit) to the Austrian banking sector.
(1) The conversion rates used by the EIB for statistical purposes during the current quarter are those obtaining on 30 September 1997, when ECU 1 = ATS 13.84, DEM 1.97, GBP 0.69, IEP 0.76, USD 1.113.