The World Bank (WB) will grant Bulgaria 40.9 million euro to finance a project for facilitated trade and transportation within Southeastern Europe.

Council of Ministers suggested ratification of the agreement with the WB on April 19.

The value of the project is 54.6 million euro. WB credit will cover 40.9 million euro and the other funds will come from the state budget.

Through the investment, Bulgaria will try to boost competitiveness and increase the national market presence within Southeastern Europe and the EU. The project focuses on deeper regional trade, transport and optimised use of the European transport network.

Funds will be used to modernize Bulgaria’s border checkpoints, set up roads, modernise the communication system and get involved in better information exchange.

Once executed, the project will speed up border control.

The WB loan agreement is valid for 17 years and features a five-year gratis period.