Nearly 20 million leva would be provided for railroad infrastructure renovations, Bulgaria's Transport Minister Petar Moutafchiev said.

Funds would be needed for modernising of the rails, achieving higher transport speed and increasing security, said Moutafchiev.

More funding would also increase the competitiveness of rail transportation, Moutafchiev said as quoted by Focus news agency.

Railway transportation should not hinder economic development, Moutafchiev said.

Developments will be furthered by the re-structuring of the Bulgarian State Railways (BSR) and the National Railway Infrastructure Company.

BSR will have three divisions and will be responsible for the process of transportation itself. The railway infrastructure company will be responsible for movement, telecommunications and electricity provision.