Tue, Feb 07 2012

German bank will grant Bulgaria a loan to prevent floods

Thu, Aug 12 2010 11:52 CET

byThe Sofia Echo staff

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German bank will grant Bulgaria a loan to prevent floods

Bulgarians walk through a flooded street in the town of Nikopol, northern Bulgaria, in April 2006. The same year, the Danube broke through existing flood defences.


Photo: Reuters

German bank Kreditanstalt fur Wiederaufbau (KfW) will grant Bulgaria a loan for the construction of dikes and levies in order to reinforce river banks and tackle floods in hazardous areas. The loan will be worth 34.373 million euro.

The loan agreement will be signed by Bulgarian Finance Minister Simeon Dyankov, Deputy Regional Development Minister Lilyana Pavlova and the first vice president of KfW for Europe, Roland Siller, Dnevnik daily said on August 12 2010..

The 33.34 million euro loan will be provided to build flood prevention facilities in the Danube cities of Rousse, Lom and Silistra and the Black Sea resort town of Pomorie. Additionally, areas prone to landslides near Cape Lahna are also to be reinforced, the report said.

The projects will be completed under the Technical Infrastructure programme of the Bulgarian Government.

The total cost of the project is said to be 85.189 million leva, of which the KfW credit is worth 67.227 million while the remaining 17.962 million will come from the national Budget.

German ambassador to Bulgaria Matthias Hoepfner will be present at the ceremony, the report said.

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