The Sofia Municipality and the European Investment Bank (EIB) have signed a contract for a loan of EUR 50M for the rehabilitation of the city's road network.

The news about the loan was announced EIB Vice-President Mihai Tanasesku at a press conference in Sofia, according to reports of investor.bg.

Tanasesku and Sofia Mayor Yordanka Fandakova inspected the ongoing construction of the subway section to the Mladost 4 district.

The loan from the EIB will be used to build, expand and repair 22 small road networks in Sofia with a total length of over 56 km. Apart from that, over 8km of tram sections, which are part of these networks, will be upgraded.

The EIB President informed that this was the fourth contract between the bank and the Sofia Municipality, adding that the EIB had so far allocated over EUR 230 M to the Sofia Municipality over EUR 230 M.

He told journalists that he had discussed a number of new projects with Fandakova, including schemes aimed at increasing the energy efficiency of buildings.

"I believe that this is an important project for Sofia and I hope we will be able to implement it successfully. Work on the waste management project continues," he added.

Fandakova expressed hopes that Sofia would "be given a special place" in the Growth Regions operational program in the 2014-2020 next programming period.

She explained that she had discussed with the EIB Vice-President a project for building an installation for utilizing refuse-derived fuel (RDF) at heating utility Toplofikatsia Sofia, thereby reducing its natural gas consumption by 10%.

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