The European Bank for Reconstruction and Development will annonce on December 17 its new strategy for Bulgaria for 2002 and 2003. The strategy will be presented by John Chomel-Doe, the bank’s director for Bulgaria. The European Bank for reconstruction and Development (EBRD) floated a loan of EUR 41.1 M for the implementation of a project of the National Electricity Company. The project involves rehabilitation and modernization of Bulgaria's power transmission system. The loan has to be repaid for 13 years, with three years grace period. The loan will be paid in six month installments, based on a floating interest rate. The guarantee agreement was signed by Finance Minister Milen Velchev and Anthony Marsh, EBRD Director for Power and Energy on January 16. The loan agreement was signed by the National Electricity Company Executive Director Vassil Atanassov.