Brussels, 27/06/2001 (Agence Europe) - The European Investment Bank (EIB) decided on Tuesday to grant a loan of EUR 120 million (20 billion pesetas) to the company Euskaltel as a contribution to the financing of its cable telecommunications network in the Spanish Basque country. The loan will finance the second phase in the construction of this broadband cable telecoms network, that will make a whole range of services available: fixed telephony, high-speed Internet, data transmission and cable TV services. The project, to be realised in the next four years, includes the installation of cables and related electronic equipment, as well as civil engineering work. The improvement of telecommunications services, that could benefit the 2.1 million inhabitants of the Basque Country, will "heighten competition and give a boost to the region's economic development", states the EIB in a press release.