Bulgaria will launch the tenders for the concessionaires of Hemus and Cherno More highways by the end of 2007, Regional Development and Public Works Minister Assen Gagauzov said.

Gagauzov presented to the Council of Ministers a draft-agreement with the European Bank for Reconstruction and Development (EBRD) for the participation of the bank in the preparation of concession procedures, Focus news agency reported.

The concession tenders are expected to attract big investor interest.

According to Gagauzov by June 2008 the concessionaires would have been selected and would have started working.

Bulgaria is still to decide on the concession term. The maximum term possible is 35 years.

Gagauzov said that Bulgaria would probably fund the construction of the third highway to be built in the country, Strouma highway, with the money from EU’s cohesion funds.