Nearly 450km of roads in Bulgaria will be renovated using World Bank (WB) funding. WB’s board of directors is to approve the agreement within a month.

It was a privilege for the WB to work with Bulgaria, regional vice president for Europe and Central Asia Shigeo Katsu said during a meeting with Prime Minister Sergei Stanishev.

Co-operation between Bulgaria and the WB is based both on credit programmes and on the execution of analytical programmes.

WB provides Bulgaria with reports on successful economic practices and technical aid for the drafting of policies.

In the first year of the execution of the strategy for partnership between Bulgaria and the WB, the two carried out all activities listed in the plan.

In the end of May, WB and Bulgaria ended negotiations on a loan agreement for the re-construction of road infrastructure. The loan will be used for the rehabilitation of nearly 450km of roads. The overall value of the project is 120 million euro.

During his visit to Bulgaria, Katsu signed an agreement for additional project funding, aimed at encouraging employment and social investment.