Bulgaria’s Caretaker Govt Fast-Tracks Preparations for EUR 500 M Loan from EIB

Politics » BULGARIA IN EU | October 7, 2014, Tuesday // 13:15
Bulgaria: Bulgaria’s Caretaker Govt Fast-Tracks Preparations for EUR 500 M Loan from EIB Bulgaria's Council of Ministers building, photo by Sofia Photo Agency

Bulgaria’s caretaker government is fast-tracking preparations for signing an agreement for a EUR 500 M loan from the European Investment Bank (EIB).

The loan is to be used to refinance and co-finance infrastructure projects under the EU’s Cohesion Fund in the period 2014-2020, according to reports of the BGNES news agency.

The agreement was drafted by the socialist-led government of Prime Minister Plamen Oresharski in 2013 but it was not ratified.

The loan is to be used to boost funding for the construction of motorways, railway infrastructure, and water supply and sewerage projects.

Caretaker Transport Minister Nikolina Angelokova suggested one month ago that the Bulgarian co-financing of motorways increase from 15% to 50%, adding that the step would require new loans.

The agreement with the EIB is to be signed after the establishment of Bulgaria’s 43rd National Assembly.

The preparation of a Memorandum of Understanding for cooperation between Bulgaria and the European Bank for Reconstruction and Development (EBRD) is also underway.

The MoU is to provide financial support for the development of the competitiveness of small and medium-sized enterprises, improve energy efficiency, and the work of Bulgarian municipalities on EU projects.

The preparations for the signing of the two strategic agreements between Bulgaria and the EBRD and the EIB are supervised by Deputy Prime Minister and EU Funds Minister Iliana Tsanova.

The two agreements are expected to be finalized by the next government and to be ratified by the next Parliament.

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Tags: caretaker government, European Investment Bank, EIB, European Bank for Reconstruction and Development, EBRD, loan
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