Bulgarian MPs Authorise EUR 90 M World Bank Loan

Business | November 9, 2007, Friday // 00:00

Bulgarian lawmakers granted green light on Friday for the cabinet to borrow EUR 90 M from the World Bank for the rehabilitation of 450 kilometres of roads in the country.

Bulgarian Finance Minister Plamen Oresharski and Florian Fichtl, World Bank country manager for Bulgaria, signed the loan memorandum in September.

The lender has said the loan would assist Bulgaria reduce road transport costs by improving the condition and quality of its roads network during the first years of EU accession. The country joined the bloc in January.

The cabinet proposal was passed with the votes of the MPs from the ruling three-way coalition, despite objections from the opposition.

Rightist MPs Ivan Kostov and Martin Dimitrov criticised the government for contracting the loan, arguing that the country could use EU structural funds or even part of its huge budget surplus.

Bulgaria will contribute with BGN 54 M to the road modernisation project.

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