The European Investment Bank, the European Union's long-term financing institution is lending DKK 740 million (ECU 99 million) for investment by Tele Danmark to modernise and extend its fixed and mobile networks throughout Denmark.

This operation ties in with the EIB's policy to provide support for communications networks in line with the European Union's objective to establish competitive and performant infrastructure as an essential contribution to strengthen the Union's long-term economic competitiveness.

The project is an essential element of Tele Danmark's strategic development plan aiming at full digitalisation of its fixed network, and extension and integration of its mobile. At the same time, Tele Danmark will redesign its mobile network by adding DCS 1800 technology and increase its capacity.

The conversion rates used by the EIB for statistical purposes during the current quarter are those obtaining on 30.9.1998 when 1 ECU = 40.48 BEF, 6.58 FRF, 0.69 GBP, 7.46 DKK.