The European Investment Bank (EIB) agreed to loan EUR 100 M to Sofia municipality for the extension of the subway and construction of a garbage recycling plant near Bulgaria's capital.

"The EIB gave us this money to cover 20% of the expenses we are about to make for the first two years of the project's implementation", Minko Gerdzhikov, deputy mayor responsible for financing, said.

"With the loan, we will not have to put the burden of these expenses on the municipal budget", he added.

Brussels grants the loan that must be covered with the funding under Transport and Environment operative programs that is yet to be assimilated.

The procedure of choosing a company that is to construct the subway from the Central Railway Station to the National Palace of Culture is in its final stage. The cost of the project is little above EUR 200 M, officials announced.

The total length of all routes to complete the Sofia subway is seen to reach 54 km and be serviced by 48 stations.

The Sofia Municipality has been preparing a total of 38 projects under EC operative programs.

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