EUROPEAN INVESTMENT BANK TO RELEASE EUR 70 M FOR RAILWAY STRETCH

Business | December 7, 2001, Friday // 00:00

The Cabinet approved a draft agreement for a EUR 70 M loan from the European Investment Bank for the upgrading of a railway stretch that is part of a pan-European transport corridor linking western Europe with Turkey. An agreement for a EUR 80 M loan from the Bank was signed by the previous government in 1999. With the new loan the total amount lent by the European Investment Bank after the last agreement will reach EUR 150 M. The first EIB bank loan is to be disbursed after the railway reconstruction starts, most probably in 2002. The reconstructed railway stretch will allow the trains to go at 160-200 km per hour, compared to 80 km per hour now. Apart from EIB loan, the project will receive a grant of EUR 153 M under the European Union’s ISPA pre-accession program.

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