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Sofia Applies for Huge Waste Recycling, Metro Construction Loans
Business | June 11, 2009, Thursday // 19:28
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Sofia's Deputy Mayor, Minko Gerdzhikov, announced Thursday the City hall was negotiating huge loans for the construction of the waste recycling plant and the city's metro. Photo by BGNES
The European Investment Bank (EIB) is prepared to grant a loan for the entire co-financing of the Sofia's waste recycling plant.
The information was reported by Sofia's Deputy Mayor, Minko Gerdzhikov, Thursday.
The city needs an additional EUR 100 M for the plant's construction. The remaining EUR 81 M were supposed to come from European Funds. Until now the City Hall was negotiating with EIB a EUR 50 M loan.
Until recently Gerdzhikov was counting on the State to grant half of the funds needed for the plant's construction. The State, however, has the obligation to cover only 15% or BGN 12,5 M and there are no indications its contribution will increase.
The City Hall is also negotiating with EIB a loan of EUR 300 M for the Sofia metro, underground parking garages and the opening of the antique merchant street between the Presidential and Ministries' Council building in downtown Sofia.
The municipality already has an EIB approved loan for EUR 105 M for the metro construction and is still paying-off the USD 136 M metro loan to the Japanese bank
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