Sun, Nov 08 2009

Sofia moots massive loan for metro, waste treatment plant

Sat, Jun 13 2009 10:26 CET byDnevnik.bg 1431 Views
Sofia moots massive loan for metro, waste treatment plant

Photo: Nadezhda Chipeva

The European Investment Bank (EIB) could finance the construction of the waste treatment plant of the Bulgarian capital, deputy mayor Minko Gerdjikov has said.

Sofia needed 100 million euro for the project, the remaining 81 million euro expected to come from European Union funds. The administration has so far held negotiations with the EIB, seeking funding of around 50 million euro. Talks will continue by the end of the month.

Gerdjikov, the deputy mayor in charge of financial matters, has previously said that the Government would grant half of the co-funding for the waste treatment project, although the Cabinet is yet to confirm that. The state has only pledged to cover 15 per cent, or 12.5 million leva, of the total cost and there has been no indication of the Cabinet changing its mind.

The municipal authorities and EIB are also negotiating on more than 300 million euro in financing to bankroll the expansion of the city’s underground system, the construction of underground parking lots and the renovation of an ancient downtown street.

The institution has already lent 105 million euro for the construction of Sofia’s metro network. The Bank of Japan has lent a further $136 million for the metro project.

Source: Dnevnik

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