May 27 (SeeNews) - The European Investment Bank (EIB) said it has extended a 31 million euro ($34 million) loan to Slovenia's Elektro Maribor to help the company further increase the stability of electricity distribution in the country's northeastern part.
"The EIB loan supports Elektro Maribor`s EUR 81.2 million investment in reconstruction and development of its electricity distribution network in order to minimise power blackouts and blackout-related damage to property and environment," the lender said in a statement on Tuesday.
The loan will finance the maintenance and improvements in the reliability and quality standards of electricity supply, helping Elektro Maribor to also develop electrical infrastructure for more than 219,000 local users.
State-controlled Elektro Maribor is one of five electricity distributors in Slovenia. It is based in the second largest city of Maribor.
"The funds obtained with the new loan are in line with the needs and expectations of our users, households, business and public sector, intended for co-financing investments in stronger, more robust and advanced low- and medium-voltage networks,” the company CEO, Boris Sovic, said in the statement.
The EIB said it has so far invested an overall 6.87 billion euro in various projects in Slovenia, including 170.5 million euro in electric power distribution projects.
($=0.912684 euro)